Key Points:

The Serious Fraud Office is to be done away with as the Government moves in a new direction to target organised crime.

Attorney General Michael Cullen says a new Organised Crime Agency is to be established and will carry out the important functions currently done by the SFO.

He says it is better to build a single strong agency rather that retain the separate powers and functions of the SFO.

Justice Minister Mark Burton says the new organisation is designed to give police better tools to target organised crime, and will also provide for a collective response across the justice system.