The Office of the Director of Corporate Enforcement has been restyled as the Corporate Enforcement Authority (CEA), an independent statutory agency tasked with tackling breaches of company law and white-collar crime.

Enterprise minister Leo Varadkar has signed commencement orders for the CEA Act, which became law in December 2021, and to establish the CEA.

Varadkar said the CEA would have 50% more staff, double the number of gardaí, and a budget 30% higher than the ODCE, giving it "real teeth" and "the autonomy and resources to thoroughly investigate suspected wrongdoing, such as fraudulent trading and larger, more complex company law breaches".

The CEA will be responsible for compliance with company law, investigation of breaches of the Companies Act, prosecution of offences, referring suspected indictable offences to the DPP, and certain supervisory functions with respect to liquidators and receivers.

It was also engage in a programme of advocacy initiatives designed to both assist company directors in meeting their duties and obligations and shareholders and creditors in understanding and vindicating their rights.

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The agency will have the power to require the production of books and documents, to apply to the District Court for search warrants, to make certain investigative and enforcement-related applications to the High Court, and to offer legally binding Restriction and Disqualification Undertakings to company directors.

The CEA will also have the power to prosecute suspected offences summarily in the courts, and CEA officers who are seconded members of the Gardaí will have the power of arrest.

The agency has also signed a memorandum of understanding with the Gardaí to formalise their relationship, which will include arrangements for selecting secondees and for the provision of support resources such as surveillance, search teams and armed support.

A competition for the recruitment of 12 Detective Gardaí is currently underway, with competitions for three Detective Sergeant and a Detective Inspector to follow. CEA officers will also include legal, accounting and digital forensics professionals.

The establishment of the CEA has been described as a "watershed moment" in confronting economic and white-collar crime in Ireland, and CEO Ian Drennan said it "marks the next phase in the evolution of company law enforcement in Ireland".

Drennan added: "As companies must evolve and adapt to keep pace with an ever-increasingly complex operating environment, so too must enforcement. The Corporate Enforcement Authority will have the flexibility and agility necessary to respond to current and emerging enforcement challenges."

Drennan said that the CEA's relationship with the Gardaí would allow the agency to bring a greater focus to investigating, and taking appropriate enforcement action in response to, breaches of company law.

Justice minister Helen McEntee said that Ireland is a global centre for financial services, with the size of the financial sector here continuing to grow significantly in recent years.

"Corruption and white collar crime damages our economy, breeds cynicism in our society and is a threat to our international reputation," she said. "When white collar criminals undertake their enterprises in Ireland, they must be reminded in no uncertain terms that Ireland is no safe-haven and offenders will be prosecuted."

As part of its plan to implement the recommendations of the Hamilton Review on Economic Crime and Corruption, the government has established the Advisory Council against Economic Crime and Corruption to advise, and make proposals to on strategic and policy responses to economic crime and corruption.

It has also established an Economic Crime and Corruption Forum comprising of senior representatives of the main regulatory and enforcement agencies involved in the investigation of economic crime and corruption. The Corporate Enforcement Authority will be a member of both bodies.

Photo (l-r): Minister Robert Troy, Leo Varadkar, Helen McEntee and Ian Drennan.