A new report commissioned by Government has recommended widespread legislative changes and greater powers and resources be given to gardaí and other agencies investigating corruption, fraud, and economic crime.
The Hamilton Review says gardaí should be given access by law to passwords for electronic devices.
It also recommends a longer period of detention to allow for questioning of suspects and says amended legislation is needed to deal with ethics breaches by former Oireachtas members.
As a major international hub for financial services, with Irish-based companies administering funds valued at approximately €1.8 trillion, Ireland's exposure and risk to economic crime, especially fraud, is this report says, substantial.
The 153-page report by former director of public prosecutions James Hamilton recommends 25 legislative, policing, structural and prosecutorial changes to tackle white-collar crime.
It says gardaí should have search warrants that allow them to demand the passwords for phones, computers and other electronic devices.
Independent experts should be allowed to sit in when suspects are being interviewed because of the complexity of these cases and detention periods should be extended to up to seven days, similar to organised crime offences, to allow vast amounts of evidential material to be put to them.
The report recommends the Government should move quicker to amend ethics legislation to deal with former members of the Oireachtas who may have contravened their obligations while in office.
It says bid rigging as a form of market sharing, nepotism and the improper use of influence when hiring public officials should be considered criminal offences.
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Investigators and judges should be specially trained to deal with this crime and specialist judges could be appointed.
The review group also recommends greater resourcing for and sharing of information between the gardaí, SIPO, the DPP, the ODCE and other agencies investigating economic crime and corruption.
Minister for Justice Helen McEntee has said her plan for the implementation of the Hamilton Review recommendations will require collaboration across Government with Cabinet colleagues and State agencies.
She said it will be complemented by other anti-corruption initiatives such as the forthcoming Garda Inspectorate report on countering the threat of internal garda corruption.
The minister said: "Corruption and 'white-collar crime' damages our economy, breeds cynicism in our society and is a threat to our international reputation.
"The State and its agencies must have all the powers available to clamp down and prevent white-collar crime."
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Speaking on RTÉ's Today with Claire Byrne, Minister McEntee said it is about "trying to plug the gaps" in the law so standards are upheld and that people's money is protected and gardaí have the resources to do that.
She said the report notes that Ireland is a small country but we have the fifth largest financial sector in Europe, and we are moving into a digital era where everyone does everything online, so the potential for fraud is massive.
She said a number of Government departments are coming together to work on an implementation plan. Ms McEntee said what is important is there is a timeline and targets and you know who is implementing each target.
Minister McEntee said some key structural reforms are being recommended. "So we would have a multi-annual strategy to combat economic crime and corruption, accompanying the action plan"
She said there is also a proposal regarding the many different agencies from the DPP to Revenue, suggesting that engagement needs to be put on a more formal structure and setting.
The minister said resourcing is also specifically mentioned in the report with the Garda National Economic Crime Bureau not being been as well resourced as it had been in the past. She said the Government is actively working to rectify that.
Mr Hamilton, who led the review group, said people are starting to realise that white-collar crime is something that affects us all and "it's a drain on the public purse" when there is corruption.
Speaking on RTÉ's Morning Ireland, Mr Hamilton said the State needs to be able to investigate and deal with crimes of a serious nature if they happen.
"We have a headquarters of many important international firms based in this country. We have a serious financial services sector. Where there is big money then there will be criminals", he said.
Mr Hamilton said some of the agencies that deal with this problem are quite well resourced, but there are others that just "trundle along and just cope and get neglected".
He said the DPP's office has set up a unit of specialist prosecutors within that office but it is a small unit and needs additional resources.
"This isn't just an academic problem. We are talking about anyone who has been using computers and anyone who is buying online is familiar with the number of scams and bogus websites and peoples' savings disappearing in an instant. This is a major problem that affects all citizens", he said.
