The Companies (Corporate Enforcement Authority) Bill 2021 passed through all legislative stages in the Houses of the Oireachtas last night.
The Bill will transform the Office of the Director of Corporate Enforcement (ODCE) into a statutory and independent agency entitled the Corporate Enforcement Authority with additional resources to investigate and prosecute white collar crime.
The Bill will now be sent to the President for his signature and enactment into law.
The Minister of State with responsibility for Company Law, Robert Troy, said that corruption and white-collar crime damage the economy, breed cynicism in society and are a threat to the country's international reputation.
"It is essential that the State and its agencies have all the powers possible to clamp down and prevent white-collar crime," Robert Troy said.
He said the legislation is a significant first step to strengthen and transform the Office of the Director of Corporate Enforcement into the new Corporate Enforcement Authority.
"Once established the CEA will have more autonomy and resources to investigate suspected wrongdoing and to deal with larger, more complex investigations," the Minister added.
In preparation for the establishment of the CEA, the budget of the ODCE has been increased by about €1m.
The Department of Enterprise, Trade and Employment has also approved sanction for 14 additional civil servants to be assigned to the authority to enable it to undertake its new functions.
This represents an increase of 20% in the level of funding to the ODCE and an increase of 35% in the number of civil service staff.
