Recent controversies in Ireland in the areas of tax evasion and property development have added an important local dimension to the momentum for change following the Enron, WorldCom and Parmalat debacles. The Irish Deputy Prime Minister stated in May 2000 that “…not only was it completely unacceptable that the law was flouted by certain individuals and companies, but the fact was companies that obeyed the rules were put at a competitive disadvantage by those unscrupulous enough to flout the law”.
Inevitably, tighter regulation, with stricter enforcement by more powerful regulators, has become the norm. In the past few years Ireland has seen the setting up of the Office of the Director of Corporate Enforcement (ODCE); the establishment of a single regulator for financial services; Irish Financial Services Regulatory Authority (IFSRA); and the passing of important enforcement legislation in the areas of company law and financial services.
