Government must consider proposals to tackle White Collar Crime – Pearse Doherty TD
Sinn Féin Deputy Leader in the Dáil Pearse Doherty TD has called upon the government consider and implement proposals from the Central Bank in relation to white collar crime, following the sentencing of the former chief executive of Anglo Irish Bank David Drumm.
Speaking during Leaders Questions this afternoon, Teachta Doherty said;
“Yesterday, David Drumm was sentenced to six years in prison for conspiracy to defraud and false accounting.
“The damage done by Anglo Irish in particular to the State was catastrophic and we should not forget that we are still paying for that damage because of promissory notes and the IBRC liquidation; and will pay for decades to come.
“However we cannot that the conviction of David Drumm marks some sort of watershed moment. The fact that just four people have been convicted for their roles in the banking crisis - ten years after the events - is hardly a ringing endorsement of the justice system when it comes to tackling white collar crime.
“It continues to go unpunished, and is in many cases unpunishable, to this today.
“One the reasons for the delay in securing the prosecution of Mr. Drumm, we are told, is because of the scale and complexity of the case and the Gardaí have said they require additional powers to investigate white collar crime.
“In addition, the Central Bank have made a number of recommendations in relation to white collar crime; including:
- A dedicated division within an existing criminal agency to investigate white collar crime and a specialised prosecution unit.
- Implementing rules so that senior individuals in financial institutions provide the Central Bank with a document outlining what they are in charge of; so when a crime takes place the individual can be held to account.
- And making reckless management, including lending, a crime like it is in Britain.
“Sinn Féin are further proposing that we change the law to allow for US style ‘Class Actions Suits’, where a number of victims can work together to take on a corporate entity in court, and the law to make it a criminal offense for bankers to lie to the Central Bank.
“I ask the Minister to consider these proposals, so that white collar crime can be effectively and efficiently tackled, and so that we don’t have to wait ten years for these crimes to be prosecuted.”