Green Party finance spokesperson Dan Boyle is to introduce a Seanad Private Members Bill to define the crime of “financial treason”.
Senator Boyle said: "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," said Boyle.
Boyle, chairman of the junior coalition partner, said he believes there should be an offence of financial treason in relation to individuals working in financial institutions licensed by the Irish State and those found guilty should be punished with a mandatory sentence and huge fines.
“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," he said.
He added: "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."
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