The Government has announced further details of the proposed new Corruption Assets Bureau which has been promised by the Taoiseach.
According to Chief Whip Mary Hanafin, the new body will have new powers, which will allow it to act on reports of Tribunals of Inquiry, whether they reported before or after the new legislation is passed.
At the moment, Tribunal Reports have no legal effect, but the proposed legislation would allow the new Bureau to seek a High Court order freezing assets obtained through corruption.
The High Court will also be given the power to appoint inspectors to the affairs of individuals or companies believed to have benefited from corruption.
The proposed legislation will also allow the High Court to convert the value of assets corruptly obtained into current day values. This will mean that, for example, if a person corruptly received £1,000 in 1960 and bought a house with the money, the High Court will be entitled to order that the current day value of the house be frozen or forfeited.
