Speech by Minister for Justice, Home Affairs and Migration Jim O’Callaghan TD at The Compliance Institute 02 October 2025

Ladies and Gentlemen, in today's world, financial systems are more interlinked than ever before crossing borders and jurisdictions, as is apparent from the financial, and vibrant, financial system we have in Ireland.

The benefits of this type of system are known to the public and it’s quite apparent what they are. We can easily and instantly send money to others around the world, and also the benefit of technology has really improved the efficiency by which we conduct our business today.

However, I regret to say, as Minister for Justice, I'm also aware that along with these benefits come huge challenges, and there are challenges that arise in respect of the criminal justice system. As I'm sure you're aware in the world at present, there are very many criminals who are seeking to make ill-gotten gains through using the technology that has advanced in recent years.

We know that the rise of cryptocurrencies, money mules, and targeted fraud, such as invoices redirection, they've all presented challenges to law enforcement agencies, such as AGS, and indeed to other agencies around the world.

So just, I suppose, as the financial system operates globally, so too does the challenge of financial crime, which readily crosses borders.

Ireland, you'll be aware, is a centre for multinational business and the Fintech centre, and those sectors have seen significant challenges.

We've also been at the forefront of tackling them, from the establishment and the success of the Criminal Assets Bureau that was established in Ireland back nearly 30 years ago, you can see that Ireland has been to the forefront of trying to ensure that we combat that type of white collar criminal activity.

The ongoing work we are undertaking also through the advisory Council for economic crime and corruption shows we are committed to not only tackling the problem at sort , but also cutting off the avenues of exploitation.

And there needs to be close cooperation, obviously, between the private sector represented here and the arms of the state, because when there is that cooperation, we can see real tangible outcomes that benefit the public.

I'm also aware that the Hamilton report was published back in December 2020. That was a report conducted by the former Director of Public Prosecutions, James Hamilton into Economic Crime.

It contained several recommendations that focussed predominantly on legislative, structural and resourcing measures and I'm pleased to say that very many of those proposals have been adopted and followed.

We've made significant progress with initiatives to combat corruption and economic crime, and with a number of the report's recommendations, as I say, already implemented.

We've also established on a permanent basis a cross-sectoral partnership Advisory Council.

And as people may be aware, the Council advises and makes proposals on strategic and policy responses, and is currently developing a multi annual strategy to combat economic crime and corruption.

This will facilitate an all of government approach to combatting economic crime and corruption in this jurisdiction.

When white-collar criminals, ladies and gentlemen, undertake their enterprises in Ireland, they must be reminded in no uncertain terms, that Ireland is not a safe haven for them.

They will be apprehended and they will be prosecuted.

Of course, this is equally true of any jurisdiction.

Ireland's objective is to ensure that as far as possible , we have a regulatory framework in place, which promotes and ensures a culture of compliance and good ethical standards in matters of both public and corporate affairs.

I want you to know that the government is absolutely committed to preventing investigating and prosecuting economic and financial crime .

And to date, we have made significant progress in that area with initiatives in terms of combing financial crime, and also by giving greater powers to investigating agencies, particularly AGS,

I want to commend the Gardai for the excellent work that their National economic Crime Bureau does, as well as obviously the Criminal Assets Bureau .

They work very closely with their international partners in Interpol and in the Europol to tackle economic crime.

Those of you who keep a close eye on the crime statistics will be aware that regrettably we've seen a rise in online fraud.

That is, I suppose, a consequence of the proliferation and the use of technology, but it is something the government needs to be combatting, and I want to let you know that we are.

The programme for government commits to introducing legislation to provide a legal basis for a shared banking fraud database.

This arises from an initiative, in fairness, that was advanced by the banking and payments Federation Ireland to develop such a database through which participating banks could share information necessary for helping to identify and prevent fraud against their customers.

This database would be operated by a specialist provider on behalf of the banks.

I'm pleased to say that the Department of Justice, laides and gentlemen is developing the draft enabling legislation and is engaging with the BPFI and the Data Protection Commission at that end, and I want to commend Brian Hayes and the BPFI for the work they have done in terms of seeking to promote this very worthwhile initiative.

I also want to show that the government is commissioned to driving Ireland's digital agenda to remain a digital leader, not just in Europe, but globally.

Of course, we're in a debate at present about trying to see whether we can strike the right balance between regulation and innovation, and I think it's important that we get that balance right.

I recognise that the volume in pace of regulatory changes puts significant pressure on compliance professionals such as yourselves.

Ireland is supportive of the European Commission's endeavours to reduce regulatory burdens and simplify EU laws.

We look forward to working further on these initiatives, in particular during Ireland's presidency of the European Union Council, which will commence next July.

I'm conscious as well from speaking to people in business that one of the issues that sometimes causes concern arises from the obligations imposed by the GDPR.

One area in the spot dice is the simplification of that regulation.

While it's often seen as a barrier, Data protection supports Ireland and the EU's competitiveness by providing legal certainty and a level playing field for businesses.

I want you to know that part of the European Commission's simplification agenda, a proposal has been made to simplify record keeping obligations under GDPR for companies and organisations up to 1,000 employees by only requiring record keeping in case of high risk processing activities.

Ireland and I support this this measure and we think it will have an impact in terms of simplifying the obligations based upon you and the entities you work for.

Also, Commissioner Michael McGrath has hosted a roundtable to hear views of stakeholders representing civil society and business on how to further simplify and improve the application of the GDPR.

The detailed outcome of that engagement is awaited from the commission.

However, the initial indications show that there's no appetite to reopen the GDPR on a wholesale basis for discussion.

Businesses have invested heavily to meet their regulatory requirements since it was adopted, and after such investment, businesses rightly want certainty and a stable regulatory environment.

I'm also conscious, ladies and gentlemen, that we’re in a very privileged position in Ireland that we have many of the world's big tech and other major international firms based here .

And Ireland plays a central role in GDPR and wider digital enforcements in Europe, particularly for those companies that have their European headquarters here.

Ensuring a well-functioning digital regulatory environment for these firms to grow, employ, and innovate is very much a key part priority for the government .

Government understands the critical role that the Data protection Commission plays, delivering a stable, regulatory environment for businesses to grow, while protecting citizens data and protection rates.

I'm conscious of the work that's been done by the DPC, such as the extent of the work that recently I appointed the third commissioner Niamh Sweeney, and I think the fact that we have three data protection commissioners in Ireland is indicative of the commitment we have to protecting data for individuals in Ireland and indeed corporate entities based here.

Also, there's a budget allocation for the DPC in 2025 of 29 million.

And as of July this year, it has a staff of 280 people.

So there's a huge amount being done, ladies and gentlemen, in terms of the area of digital compliance and ensuring that Ireland is at the forefront of ensuring that we make compliance as effective, but as user friendly as possible.

Ireland has a very significant role to play in digital regulation in the EU, and it's committed to making our country an EU centre of expertise for digital and data regulation.

Just one final point, I should say in conclusion, is that currently government's working on a new national, digital and AI strategy, which will help ensure Ireland takes a holistic approach to digital regulation.

I'm sure it's an issue that is of concern and interest to many people here in the room as to what's going to be the impact on compliance officers and for compliance with the arrival of AI and the unexpected consequences that may arise from it.

But ladies and gentlemen, I'm going to conclude now by thanking you for inviting me.

I hope I've been able to give you some useful information in my contribution here today.

I want to thank the compliance Institute for advising me and I wish you all the best with the rest of your conference.

Thank you very much.