New Anti-corruption legislation – potential impact on Irish companies

30.07.2018 saw the introduction of the Criminal Justice (Corruption Offences) Act 2018.  At first glance it looks like a potentially terrifying piece of legislation, and frankly continues to do so even after second and third glances. 

The new Act has implemented six specific recommendations of the Mahon Tribunal.  Of particular interest is that the Act covers corporate bodies, and individuals but, also covers Irish Officials.

Key offences of the Act.

• New offences of Active and Passive Trading
• New offence of an Irish Official doing a Corrupt Act
• New offence of giving a Gift or Advantage
• New offence for Creating or Using False Documents
• New offence of Intimidation

Presumptions of the Act.

• Presumption of corrupt gifts extended to “connected persons”
• Presumption of corrupt donation expanded

New provisions include:

• Forfeiture of public office, and prohibition from seeking public office for Irish officials
• New strict liability offence for bodies corporate
• Provisions for seizure and forfeiture of bribes

This Act broadens definitions of corruption, covers a wider range of individuals, and includes Irish Officials.  It also provides for potential prison sentences up to 10 years, forfeiture of bribe, forfeiture of office (Public servants and elected Officials) up to 10 years and unlimited corporate fines. 

This is a radical overhaul of anti-corruption in Ireland which companies, at the very least, should take time out to consider if their policies are sufficiently robust.

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Filing Annual Returns and Financial Statements - FAQ

Filing Annual Returns and Financial Statements - FAQ

September is the month panic can set in as Companies suddenly focus on their filing deadlines for their Annual Return and Financial Statements. Confusion can surround terminology, deadlines, and signatures required. 

Below are answers to some of the most frequently asked questions (FAQs) KomSec Limited receives from our clients at this time of year.

*  Annual Return Date (ARD) date up to which information contained in the Annual Return is made, e.g. up to 30^th September.

*  28 days after ARD the Annual Return must be filed electronically within 28 days from ARD.

*  28 days after electronic filing the original signed signature pages must be received by the Companies Registration Office (CRO) within 28 days from the 

    date on which the Annual Return was filed electronically.

*  First Annual Return does not have to file Financial Statements.

*  Financial Year – A company’s first financial years end can end no more that 18 months after its incorporation date. Subsequent financial years must start

    the day after the last financial year end and be for 12 months, + or – 7 days.

*  Nine month rule means that companies must file their FS within a maximum of 9 months and 28 days of the end of their financial year, known as the 9

    month rule.

*  Financial Statements must be filed electronically before or on day original signed signature pages are received by the CRO.

*  Financial Statements size is restricted by the CRO to a maximum of 5mbs.

*  Signatures for Annual Return are one Director and the Company Secretary.

*  Signatures for Financial Statements must be typed.

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