Dáil Éireann Debate, Tuesday - 5 April 2022
156. Deputy Peadar Tóibín asked the Tánaiste and Minister for Enterprise, Trade and Employment the investigations that are being undertaken by his Department or any agency under his authority into the potential circumvention of the sanctions against Russia in the International Financial Services Centre and elsewhere and, if so, the number of investigations. [18264/22]
View answerEU sanctions are given legal effect via EU Regulations. These Regulations have direct effect in all Member States of the EU, and, as such, are legally binding on all natural and legal persons in Ireland. Private companies, therefore, have an obligation to ensure that they are in full compliance with these new measures. A natural or legal person who contravenes a provision of an EU sanctions regulation shall be guilty of an offence and liable to prosecution.
The Department of Enterprise, Trade and Employment is the National Competent Authority with specific responsibility for implementing EU Trade sanctions. It does not monitor compliance with financial sanctions, nor does it carry out investigations into suspected breaches of financial sanctions.
The Director of Corporate Enforcement is responsible for enforcing and encouraging compliance with company law, investigating suspected offences under the Companies Act 2014, prosecuting detected breaches of the Companies Act 2014 and referring cases to the Director of Public Prosecutions on indictment.
Section 949(3) of the Companies Act 2014 provides that the Director of Corporate Enforcement shall be independent in the performance of his functions. The purpose of this provision, and similar provisions in legislation in other areas of law enforcement, is to ensure that the law is enforced without the possibility of interference from any party or the appearance of any such interference.
