Green Party Senator Dan Boyle has announced today that he will be proposing a Seanad Private Members Bill into the Seanad to define the crime of "financial treason". The Greens say the new laws are needed to prosecute white collar crime and fraud.
Among the many reasons why there has been no action taken against known individuals working in Irish financial institutions whose greed and recklessness have brought us to where we are is that properly defined legislation seems to be lacking in defining this kind of white collar crime and fraud."
"I believe that there should be an offence of financial treason, carrying a mandatory sentence and huge fines, that would be applicable to defined individuals working in financial institutions licenced by the Irish State. There would be convictions on foot of any decision made knowingly by such individuals that result in reputational damage for the country, an unacceptable economic cost, or a loss of economic sovereignty."
"While much public anger has a political focus, and much of this is justified, the inability to bring to justice those whose self interest and greed so undermined our national wellbeing, is something that must end and end soon," he said.
Senator Dan Boyle