16 Aug 2022

Nolan: 'White Collar Crime' plan won't have too many criminal losing sleep

Offaly TD unimpressed

Offaly TD and Sinn Féin Community and Rural Affairs Spokesperson, Carol Nolan, has said that the launch by four Ministers of a plan to tackle white collar crime won’t see any white collar criminals losing any sleep.

She said that this plan from a government whose Programme doesn’t even mention white collar crime is a cut and paste job that won’t deliver the cultural and legal change required.

“I can only presume it’s meant to be some sort of response to the tracker mortgage scandal but there is nothing in the plan that would make any of the bankers responsible for the scandal any more accountable," Nolan said. 

“Likewise, the plan includes looking at the Banking Inquiry recommendations but they are weak and arrived at through a very narrow legal focus. This plan simply would not have prevented the banking crash or even seen any more of its perpetrators held accountable in a Court."

"The issue of reckless lending is not mentioned, there is nothing about individuality accountability and even issues raised by the Central Bank like the need for a new offence of giving misleading information to the Central Bank are not addressed. Class Action suits are not mentioned despite the obvious need for them in light of the tracker scandal," she continued. 

“In short, the plan is a flop. It will not bring about the cultural and legal changes the State needs. This cut and paste job is a scrambled together photo-op for four Ministers; it is not a serious attempt at radical reform. The government has shirked the responsibility of doing the hard work, the forensic analysis of what is required. The first five actions all relate to one piece of legislation while others are about implementing EU directives already overdue or responding to international moves as we are obliged to do."

“Following the launch of this plan, I am more convinced than ever before that this government does not have the political will to do the hard work on this issue. The tracker scandal has forced them to cobble together a report but it fails far short of what is needed," Nolan concluded. 

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