Wrongdoing must be reported to authorities

NAMA officials will have to inform the gardaí, Revenue Commissioners, Director of Corporate Enforcement and the Competition Authority if they find evidence of criminal activity in the course of their work – regardless of any existing confidentiality agreements.

The draft legislation published by Finance Minister Brian Lenihan sets out broad outlines of duties of confidentiality in relation to existing contracts, but imposes an obligation on those operating under the scope of the act to report wrongdoing to the relevant authorities.

In an explanatory memorandum entitled “Aid to NAMA Bill discussion document for public consultation purposes only”, section 172 outlines the scope of the reporting duties of NAMA: