European Commission calls on IRELAND to notify the Commission of the relevant competent authority for access to bank account information and records of bank transactions

The OLAF Regulation (Regulation (EU, Euratom) No 883/2013) governs the work of the European Anti-Fraud Office (OLAF) to protect the budget of the European Union. In 2020, the OLAF Regulation was amended to introduce specific provisions to clarify the duty of Member States to assist OLAF by transmitting bank account information and records of banking transactions. Information on bank account holders and on money flow is crucial for OLAF to effectively investigate fraud, corruption and any irregularity affecting the European Union’s financial interests. Requirements have been in force since January 2021, yet Ireland has not notified the national authority competent to provide OLAF with bank account information and records of bank transactions. Hence, OLAF is unable to address any request for such information needed in the context of its investigations. The Commission is sending a letter of formal notice to Ireland, which now has two months to respond and address the shortcomings raised by the Commission. In the absence of a satisfactory response, the Commission may decide to issue a reasoned opinion.