Jim O'Callaghan

Economic crime and corruption impose significant costs on individuals, businesses and the State. The Strategy recognises this and adopts a whole-of-government approach by setting out a comprehensive framework designed to provide a cross-sectoral response to economic crime and corruption and the organised criminal activity it enables.

Developed by the Advisory Council against Economic Crime and Corruption, it will ensure Ireland remains resilient to emerging threats, including cyber-enabled and cross-border criminal activity.

Speaking of the launch, Mr O’Callaghan said: “Economic crime and corruption undermine public trust, damage our economy and threaten Ireland’s international reputation. This strategy provides a clear roadmap for strengthening our collective response and ensuring that those who engage in economic crime are detected, investigated and brought to justice.

“Through enhanced cooperation, better use of data, stronger investigative tools and a renewed focus on prevention, we are taking significant steps to protect our communities, businesses and public institutions.”

The Strategy is structured around five interlocking objectives:

• Improving the collection, analysis and use of data to identify emerging threats and risks and support evidence-based policymaking;
• Developing a stronger cross-sectoral approach through enhanced cooperation and information sharing;
• Ensuring investigators and prosecutors have the specialist skills and tools required to tackle economic crime and corruption effectively;
• Strengthening Ireland’s capacity to seize and confiscate criminal assets; and
• Promoting prevention through education, public awareness and increased compliance measures.

Among the key recommendations are:

• Developing a systemic approach to collecting and analysing data to support the identification of strategic priorities;
• Establishing enhanced public-private partnerships to better prevent, detect and pursue economic crime;
• Introducing legislation to facilitate private-to-private information sharing;
• Examining options to improve efficiencies in prosecuting economic crime cases, including consideration of deferred prosecution agreements and other non-trial resolution measures;
• Reviewing confiscation provisions under the Criminal Justice Act 1994 and assessing participation in the EU Asset Recovery and Confiscation Directive; and
• Developing coordinated communications and education campaigns to raise awareness of fraud and scams.

Among the proposals are a shared fraud database to allow for private-to-private data sharing in the banking sector, citing as an example the National Fraud Database (NFD) in the UK. Currently the banking sector in Ireland is unable to share information on suspected fraudulent and criminal activity without falling foul of data protection and privacy requirements.