The statutory independent agency, created under the Companies (Corporate Enforcement Authority) Act 2021, is charged with investigating and prosecuting breaches of company law.

It replaces the Office of the Director of Corporate Enforcement (ODCE), which faced widespread criticism after bungling the collapsed trial of former Anglo Irish Bank chairman Sean FitzPatrick.

The new agency’s powers are based on recommendations made by James Hamilton, the former director of public prosecutions, in a 2020 report.

Leo Varadkar, the Tánaiste and minister for enterprise, trade and employment, said: “Today is a really important day for corporate enforcement in Ireland. The Corporate Enforcement Authority is now officially established.

“We’re giving it real teeth, making sure it has the autonomy and resources to thoroughly investigate suspected wrongdoing, such as fraudulent trading and larger, more complex company law breaches. We’re increasing staffing levels by nearly 50 per cent, including doubling the number of gardaí. The Authority’s budget has also been increased by almost 30 per cent.

“I am confident that the extra staff and additional funding will ensure that the new Authority can really make a difference and meet the differing and evolving demands of its remit, which includes investigation, prosecution, supervision and advocacy.”

Helen McEntee, the justice minister, said: “While a small country, we are a global centre for financial services with the size of the financial sector here continuing to grow significantly in recent years. Corruption and ‘white collar crime’ damages our economy, breeds cynicism in our society and is a threat to our international reputation.

“When ‘white collar’ criminals undertake their enterprises in Ireland, they must be reminded, in no uncertain terms, that Ireland is no safe-haven and offenders will be prosecuted.

“The significant investment in an independent and more powerful Corporate Enforcement Authority will strengthen our deterrence and is yet another demonstration of the Government’s commitment to tackling crime.”

Robert Troy, minister of state for trade promotion, digital and company regulation, added: “As minister of state with responsibility for company regulation, I believe company law should always be responsive to new developments.

“My Department will continue to work with the new Authority to ensure it has the appropriate legislative tools necessary to enhance Ireland’s company law framework and to undertake modern, complex corporate law enforcement.”