Details of the Government¿s proposed Corruption Assets Bureau have been published 24-hours after the release of the controversial interim report of the Flood Tribunal chairman.
The new legislation, promised by the Toaiseach at the Fianna Fail Ard Fheis earlier this year, will empower Garda officers of the rank of chief superintendent and above to act on information contained within a tribunal of inquiry report.
Under the current law, a tribunal is, in the words of the Supreme Court, "sterile and of no legal effect".
The new legislation will mean that Garda officers acting for the bureau can go to the High Court and obtain freezing orders for assets that a tribunal decides were corrupt payments or benefits arising following a corrupt payment or assets whose value has been corruptly enhanced.
This enforcement will apply regardless of whether the tribunal reported before or after the passing of the new legislation.
The proposed legislation will empower the High Court to appoint inspectors to the affairs of an individual or a company to trace assets corruptly received or assets whose value were corruptly enhanced and report to the court on the current value of assets obtained or enhanced through the direct or indirect proceeds of corruption.
The value of assets will be adjusted to a present-day value by the High Court. The Proceeds of Crime Act 1976 will be extended to include to property whose value was corruptly enhanced.
Any funds recovered by the new body will be returned to the Exchequer.