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The "ethics board" were caught spying on politicians like Bob Katter, Shane Knuth and Peter Wellington, Democrat donors like Keila Ravelo and Eric Pulie from the Clintons?
Dodgy financial planners might be white-collar criminals: Queensland Police Minister JASON TIN, The Courier-Mail March 8, 2015 11:00pm POLICE Minister Jo-Ann Miller wants to crack down on dodgy financial planners, saying they may actually fall into the category of white-collar criminals. The move comes as the new minister considers an increased use of intensive correction orders for non-dangerous criminals – which allow offenders to serve out their time in the community under strict supervision, rather than in jail. FREE PASS: More crims to avoid jail BACK PEDAL: Bikie regulation under review Such orders involve up to 12 hours of community service a week and a number of reporting requirements. Ms Miller said she was seeking advice about the best way to tackle the issue of white-collar crime, which is grappled with by both state and federal authorities. During the election campaign, Labor promised a $6 million commission of inquiry into organised crime. While that probe could well examine the issue of white- collar crime in Queensland, Ms Miller plans to get briefings on how she can help “victims of really poor advice” see justice. “I’ll be waiting for the outcome of the inquiry and also I’ll be seeking advice as well, professional advice in relation to it,” she said. In her crosshairs are those who knowingly lure investors into dubious financial decisions. “There would be a number of people who may view financial planners, who’ve given advice that they might believe is wrong, as white-collar criminals,” she said. Play 0:00 / 0:00 Fullscreen Fear versus greed: Australia's mortgage system Ms Miller believes the broader area of white-collar crime needs to be investigated further. “I think there is a view in society that white-collar criminals have not been the focus, so much, of law enforcement agencies, whether it be ASIC or whether it be the federal agencies,” she said. “I’ll await the outcome of the inquiry, but it’s certainly an area that I think deserves a thorough investigation, without any doubt.” The Police Minister says victims of such advisers would want to see action. “For people who have been victims of really poor advice, I’m sure that they would like to see some movement in that area,” she said. “Because there have been certainly a number of people who’ve taken the advice of people who they thought were considered professionals, without getting the advice checked or without understanding what they were getting themselves into.” Newest | Oldest | Top Comments tim tim Jul 2, 2015 If a financial advisor receives a criminal record for a crime unrelated to that profession, does he or she lose the ability to continue in that profession? FlagShare LikeReply John John Mar 10, 2015 Okay, you ranting Tories, honestly. More than 12 hours is surely a fair Tory Psych Up Session. Labor is governing - and calmly and well. You Tories don't need to worry. Things are okay. It's all about putting right the Tory madness that the LNP tried to introduce. And the policy repair program is underway. So, for those Tories still struggling with the election result, just keep trying that mantra I have taught you: Labor good; Tories bad. FlagShare 1markLikeReply mark mark Mar 10, 2015 @John It's ok John, I managed to check in now and then to keep them under control. It is a little sad to watch them all stewing in their collective juice. Somebody needs to shine some light on their sordid little whinge session. They should feel relieved to be back in their normal QLD mode - ineffectual opposition. FlagShare LikeReply Betty Betty Mar 9, 2015 Anna 2 and Jo-Anne Miller have no idea what they are doing, they are undoing everything that has worked beautifully for the former Government and for our State.. Labor's plan is to seek and destroy anything that Campbell Newman has done, it is vindictive, sick, and unnecessary, and will cost Billions. I hope the Unions will be held accountable for the Millions of Dollars they donated to the Labor Party, I hope they have kept their Receipts. I fear these women who hold key positions and their male mates will bring this State down, that Dick man talks rubbish, he will fail. FlagShare 2DesmondNLikeReply Josh Josh Mar 10, 2015 @Betty Betty, Betty, Betty dear, if 'everything ... worked beautifully for the former government' then why did they lose? As for 'the Millions of Dollars they donated to the Labor Party' that is dwarfed by the big business donations to the Lib Nats FlagShare 1A (the real A)LikeReply Kevin Kevin Mar 9, 2015 So just when is this govt actually going to announce some new policy or is just going to keep changing the policies of the previous govt. Right now business has no confidence - what is this lot going to do to fix this!!!!!! WE NEED JOBS LABOR - STOP FOCUSING THE THE STUFF THAT WORKED !!!! FlagShare 3NDean ChorsBettyLikeReply mark mark Mar 10, 2015 @Kevin Kevin. Calm down, you are shouting and fumbling your words. The LNP did so many rubbish things that Labor have to spend the fist year just undoing them. That is a year well spent by the way. You can't blame Labour because they have to spend so much time on Un-Do Campbell. FlagShare 1JoshLikeReply guy guy Mar 10, 2015 @mark @Kevin Yes we are still paying for great projects like the desalination plant that is corroding away FlagShare 1NLikeReply Roger Roger Mar 9, 2015 Fir god sake get. Grip and start governing. FlagShare 3NDean ChorsBettyLikeReply mark mark Mar 10, 2015 @Roger I could say the same about you Roger. I have to ask, - What is it about this that doesn't look like governing to you? FlagShare 1JoshLikeReply Jason Jason Mar 9, 2015 Where's the: JOBS, JOBS, JOBS (Anna2, 31 Jan 2015) I did see about 50,000 disappear from your inaction along with the $40 BILLION PLUS INVESTMENT IN QLD..... FlagShare 8Dean ChorsEdgar BrittBettyMichaelLikeReply mark mark Mar 9, 2015 @Jason What on earth are you talking about? FlagShare 1GregLikeReply Jason Jason Mar 9, 2015 @mark Labor really do have No Idea. Thanks Marky Mark... FlagShare 5Dean ChorsEdgar BrittBettyNLikeReply mark mark Mar 9, 2015 @Jason I have the idea that you are just making things up. Why stop there? Why not say that 50 million jobs disappeared because of Labor and we missed out on $40 0000000 trillion of investment? IT MAKES AS MUCH SENSE FlagShare 2A (the real A)GregLikeReply Jason Jason Mar 9, 2015 @Mark Are you predicting the future with job losses? Seems about right under Labor. FlagShare 2Dean ChorsBettyLikeReply A (the real A) A (the real A) Mar 9, 2015 @Jason Actually, I think he has a point, stop talking in encrypted messages and make yourself clear, which therein, creates conversation to progress forward. I'm not hanging around for the night (I have no doubt there shall be a 'spin' put on that, but really I just have things to do), but I've wondered for a while what your posts are about eg. 'tick tock, tick tock' ... seriously? I don't think I've ever heard a guy talk that way before. Look, I'm open to discussion, but this constant left / right binary is just plain tiring. Sorry, I'm a polite person, and it takes a lot for me to speak out and say that. At the end of the day, no matter who is in power, we need to ALL work together to make the most of 3 years beyond political persuasions. It's not for the government to 'save' us, WE as the people here, have to pull our weight in everyday life and make Qld the best place to be. I suffered Newman, but did not blog once about him until pre-election for the whole 2.5 years he was in, but I didn't just dwell, I DID (in my instance, 'another' degree fast tracked). I have no issue with either side and their views, but when it's unintelligible ... ? FlagShare 2markPa KelvinLikeReply Jason Jason Mar 9, 2015 Anna2's thinking.....when's Lunch, and what's this Financial Planning kerfuffle all about anyway??? FlagShare 6Dean ChorsBettyMichaelMMLikeReply mark mark Mar 9, 2015 @Jason Next time , why don't you try to use some humour. FlagShare 1GregLikeReply Jason Jason Mar 9, 2015 @Mark I don't need to. You provide enough Comedy value. FlagShare 5Dean ChorsEdgar BrittBettyNLikeReply mark mark Mar 9, 2015 @Jason unfortunately you don't even provide comedy value. Just tedium. FlagShare 1GregLikeReply Jason Jason Mar 9, 2015 @Mark I'm glad to be tedious to you Mark. Very glad. FlagShare 4Dean ChorsEdgar BrittBettyMichaelLikeReply Jason Jason Mar 9, 2015 This really takes the cake. One month in. What does Queensland have? Nothing but Labor and their 'smoke and mirrors' hoping with all hope no one notices what we all know. They have No Plans for Anything. Absolutely nothing. Hilarious but oh so sad for Queenslands future. Shame Labor. Shame. FlagShare 13Dean ChorsJonitaEdgar BrittPeterLikeReply mark mark Mar 9, 2015 @Jason Just undoing as much of the can from the last three years of mean, tricky incompetence will be a great step forward for QLD FlagShare 1GregLikeReply Jason Jason Mar 9, 2015 @mark It's great to see you back Mark. You are sooooo funny. So many great ideas too like Anna2. What's the next one? Pray tell? Does it include JOBS, JOBS, JOBS.... FlagShare 4Dean ChorsBettyNMichaelLikeReply mark mark Mar 9, 2015 @Jason I dip in from time to time to set you sad tories straight. Speaking about funny stuff Have you heard the one about the qld govt that had a 70 seat majority and managed to lose it all in 3 years? I am literally Laughing Out Loud at that one. Priceless!! FlagShare 3rob1Gregnot so Grim nowLikeReply Jason Jason Mar 9, 2015 @Mark There was a Tarago in there somewhere too... FlagShare 3Dean ChorsJonitaBettyLikeReply Ron Ron Mar 9, 2015 @Jason Howcxan you criticise Labor's plans when you say they so not have any? FlagShare LikeReply Edgar Britt Edgar Britt Mar 9, 2015 @mark @Jason I really liked the question on Saturday' s post . What'[s the difference between ''Greenie and a Labor voter , ? clothes and deodorant .... gotta luv that FlagShare 3JonitaPaulNLikeReply Jason Jason Mar 9, 2015 Oh this is a side show and a half, the big issues are gay marriage and financial planners, labor you are all over it.! Let's not forget about Dick's press conference on Sunday about nothing, well about something he knows nothing about but will do something about it. Only 2 years and 11 months to go. FlagShare 12Dean ChorsJonitaBettyPeterLikeReply mark mark Mar 9, 2015 @Jason And then there will be another 3 years after that. I predict a swing to Labor of between 5 and 6%. There were Labor voters this time that couldn't bring themselves to vote Labor so soon. They won't have the same qualms next time. How long before the LNP are allowed another chance? What is the record for years as opposition leader? Springborg must be coming close mustn't he? FlagShare LikeReply Jason Jason Mar 9, 2015 @Mark So funny. It's not even April Fools day. Every day is April Fools Day for you Mark. FlagShare 2Dean ChorsBettyLikeReply mark mark Mar 9, 2015 @Jason Hmm, and what were you predicting as the result in the QLD election? I was predicting 42/42/ and 5 independents. I missed by two. Looking at every single state election in AUstralia for the last 25 years, when there is a new Labor govt, they get a 6% swing to them at their next electin When it is a new LNP/NATIONAL/LIBERAL govt, they get a 6% swing against them. Of course lol, the last LNP one managed to get a 12% swing against them.... FlagShare 2rob1GregLikeReply Edgar Britt Edgar Britt Mar 9, 2015 @mark @Jason what's your prediction on the state being BANKRUPT . let's guess 18 months ?? FlagShare 1Dean ChorsLikeReply Dam Dam Mar 9, 2015 @mark @Jason Mark, But what was the swing against Bligh to have Newman elected? Do you honestly think that those numbers would stay that way? People protested against the previous previous gov. Your traditional rusted ons voted against Bligh, at the next election they went back to their previous voting intentions. But here is the kicker, Have a look at the support between the two parties but exclude the Newman victory (that was a protest election), You will find that the ALP vote is in decline. FlagShare LikeReply mark mark Mar 10, 2015 @Dam @mark @Jason No. that's obviously not true. The just had another poll that used the same preference spread as the polls pointing to an LNP victory of 52-48. But this was after the election, when Newman was gone and the LNP said they wouldn't have asset sales. It was 51-49 to the LNP, which shows they actually lost ground. FlagShare LikeReply John John Mar 9, 2015 Holly the jobs are coming but you will have to wait until the Director Generals are appointed so they can do their reports to increase the public servants who can then multiply as in the Labor/Unions tradition. FlagShare 14Dean ChorsEdgar BrittBettyPeterLikeReply mark mark Mar 9, 2015 @John Great I love having more public servants serving me as a member of the public. We need more of them. Especially if we were to make the childcare sector state run. FlagShare LikeReply MM MM Mar 9, 2015 I am vaguely interested what tax rate you propose for us? You're always going on about wanting us to pay more taxes. Put it out there for us. Given that now you want the childcare sector to be state run. Dazzle us, Mark. FlagShare 2BettyNLikeReply mark mark Mar 9, 2015 @PMG Well what would be wrong with the OECD average with revenue being 32% of GDP? The only country with a lower figure for revenue as a % of GDP is the US. Ever been there? It is a nightmare. FlagShare LikeReply Paul Paul Mar 9, 2015 So what's the plan Mark, have the country buy all the childcare businesses? FlagShare 2NBettyLikeReply Ron Ron Mar 9, 2015 @mark @John When I have to wait for an hour before Centrelink answers the phone, I say bring on the more l civil servants so we can have service again. FlagShare LikeReply mark mark Mar 10, 2015 @Paul I keep hearing what good businesses they are. A bit of a licence to print money, good investments for wily investors. A bit like milk runs used to be or taxi licenses used to be. The main concern of the operators isn't "how can I look after the children better' it is 'how can I lobby the govt to have less regulation" What could be more patriotic than insisting on good childcare? Look how the Libs come up with metaphorical children to champion as in - we are spending now and stealing from our children's future - all that rubbish, yet they look to reduce the regulations on how our children are looked after by strangers. FlagShare LikeReply Steve Steve Mar 9, 2015 How predictable, a policy everyone (except crooks) could get behind, and yet we have the same old welded-on LNP warriors whinging about everything under the sun except the substance of the article. FlagShare 5not so Grim nowJoymarkMMLikeReply STP STP Mar 9, 2015 @Steve No Steve where whinging (if that's your word for discussing) the substance as well mate, picking it to the bones one could say. FlagShare 4BettyHollyJasonNLikeReply Steve Steve Mar 9, 2015 @STP @Steve Four of the five top-level comments below mine are irrelevant sniping, so you are wrong. FlagShare 1debLikeReply mark mark Mar 9, 2015 @STP @Steve Not that I've seen stp. Could you please tell me why it is better to have donations for $12,500 a secret? FlagShare LikeReply Paul Paul Mar 9, 2015 I'm all for getting rid of crooks from the finance industry but I fail to see how it will work. Are you going to send someone to jail because your investment didn't go up? Bad advice is not easy to quantify. I believe the likes of the Storm directors should have gone to jail, but at the same time ASIC were auditing them and allowed them to carry on. FlagShare 1BettyLikeReply Betty Betty Mar 9, 2015 @mark @STP @Steve I hope this ruling will apply to the Unions and the hundreds of Millions they donate to the ALP. FlagShare 1NLikeReply mark mark Mar 10, 2015 @Betty @mark @STP @Steve lolololol - 'Hundreds of millions' ha ha ha. Betty/Laine/Joy/Helen. That is hilarious. If ever better proof was needed of how misled your are. FlagShare LikeReply Holly Holly Mar 9, 2015 Anything about jobs?? No FlagShare 14JonitaBettyMichaelRobynLikeReply STP STP Mar 9, 2015 @Holly Yeah Holly i think Peter Wellington got a new one, but not to sure he seems to have gone quiet. FlagShare 9JonitaBettyMichaelRobynLikeReply MM MM Mar 9, 2015 They've employed 2 people so far, haven't they? What did you expect? FlagShare 3BettyRobynNLikeReply mark mark Mar 9, 2015 @Holly Ah Holly, we can expect some comments from Laine and Helen soon I guess. Jo Ann Miller is the Police minister. I assume she will be making policy announcements on her portfolio |
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Howard Bowles has history with attacks on Harold James Johnson Independent MP in Julia Gillard's seat (chime in Michael Smith News) and David Foster Whistleblower Lawyer. In W.A they went after the WA Unity Party barrister because he supported anti corruption laws, but in Qld they used their position to spy on anti corruption reforms that Katter Culleton Alan Jones and Peter Wellington's coalition wanted, like Assistenant Defence Minister Stuart Robert's connection to council elections of Tom Tate. The anti-pedophophile parties were targeted as well, like Dr. Russell Pridgeon GP. In the end the politicians got this into law, and won't it be great to tell the Parliamentary Inquiry all about Mcgarvie's team tips.
November 22 2016 Revealed: Senate deal could see whistleblowers paid a bounty for exposing wrongdoing Matthew Knott Matthew Knott Contact via Email Follow on Facebook Follow on Twitter facebook SHARE twitter TWEET Australian whistleblowers could be paid a lavish "bounty" for exposing wrongdoing in companies, government departments and charities under reforms to be introduced to Parliament next year by the Turnbull government. The government has agreed to introduce stronger whistleblower protections for both the public and private sector workers in a deal with Senate crossbenchers to secure support for one of its double dissolution trigger bills. More National News Videos null Australian whistleblower's 'bounty' ... null Video duration 01:28 Morning wishes, afternoon smears null Video duration 00:28 Police car âT-bonedâ by driver null Video duration 00:19 Fatal crash in Lane Cove null Video duration 01:00 Silicon Valley is coming Down Under null Video duration 03:41 Europe's migrant crisis: a year on null Video duration 02:15 Australian Museum's $285 million master ... null Video duration 00:35 NT stabbing victim's wife released from ... More videos Australian whistleblower's 'bounty' incentive A deal struck could see whistleblowers paid a "bounty" for exposing wrongdoing after a deal struck between crossbench senators Nick Xenophon and Derryn Hinch and the government. The so-called registered organisations bill passed the Senate 33-30 on Tuesday morning after being been rejected twice by the last Parliament. Under amendments to the bill, stronger protections will apply to union whistleblowers and the government has committed to rolling them out to private sector employees within 18 months. Share on Facebook SHARE Share on Twitter TWEET Pin to Pinterest PIN Crossbench senators Nick Xenophon and Derryn Hinch reveal details of the whistleblower law. Crossbench senators Nick Xenophon and Derryn Hinch reveal details of the whistleblower law. Photo: Alex Ellinghausen Experts said the changes, if legislated, would make it easier for whistleblowers to expose corporate maleficence without fear of being sacked or financially punished. A parliamentary inquiry, due to report in the middle of 2017, will examine whether the bounty system that operates in the United States should be introduced in Australia. Earlier this year the US government paid almost $5 million to a former BHP Billiton employee for raising concerns about alleged corruption at the mining giant. Advertisement In the US, the Securities and Exchange Commission can reward whistleblowers by giving them a share of a fine extracted from a company, with payouts often reaching many millions of dollars. Instead of being rewarded, private sector whistleblowers in Australia currently have few protections and take large risks in speaking out. Whistleblowers have been crucial to stories exposing scandals in the banking and life insurance industries as well as companies such as 7-Eleven. Share on Facebook Share on Twitter Pin to Pinterest Illustration: Ron Tandberg Illustration: Ron Tandberg Crossbench senator Nick Xenophon, who championed the amendments, said the changes would give Australia some of the best whistleblower laws in the world. Fellow crossbencher Derryn Hinch described them as a "great breakthrough". Both said they would react furiously if the government welched on the deal. "Don't trust them, trust us," Senator Hinch said. "If they renege on this we will come after them." Hell hath no fury like a crossbencher scorned Senator Xenophon said: "Hell hath no fury like a crossbencher scorned." Griffith University Professor A.J. Brown, one of the country's leading authorities on whistleblower laws, said the negotiated amendments were "historic". "Irrespective of what you think about unions, these changes start to address the biggest defects in whistleblower laws across the board," he said. "This is a tangible black and white commitment in this term of Parliament. I don't think [the government] can go back on this." Professor Brown, who has been advising Senator Xenophon on the issue, said the most significant change was that managers would be required to support whistleblowers rather than simply not to punish them for speaking out. Reprisals against corporate whistleblowers would also carry substantial penalties and whistleblowers would be able to apply for penalties if they have been financially harmed by their disclosures. Professor Brown said the commitment to vote on new laws by July 2018 was more ambitious than it sounds given the complexity of the issues involved. Australian Securities and Investments Commission chairman Greg Medcraft, who has previously pushed for compensation for corporate sector whistleblowers, said he supported the move. "I think whistleblowers should be valued," he said. Law Council of Australia President Stuart Clark said he was delighted that "vital whistleblower protection is moving well beyond the public sphere and finding its way into the non-government and private sector". "It is a healthy thing for legitimate whistleblowers to be emboldened to speak out at all levels if something is amiss within their organisations," he said. - with Georgia Wilkins |
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Senate Inquiry tomorrow: Should bank executives go to jail when their banks perpetuate white-collar crimes?
Media Release Peter Whish-Wilson 5 Dec 2016 Treasury Share AddThis Sharing Buttons Share to FacebookShare to TwitterShare to Email Greens Treasury spokesperson, Senator Peter Whish-Wilson, will be attending the white-collar crime Senate Inquiry hearing tomorrow in Melbourne [information below] and will be asking criminologists and regulators, “How tough do we have to make penalties to help stop endemic financial misconduct in Australia’s financial system?” Senator Whish-Wilson said, “In Iceland, they held the bank Chairmen and CEOs responsible for the fraud and market manipulation that was carried out in their name by the bank staff, during the global financial crisis; and they were sent to jail. “In Australia, the bank CEOs and Chairmen get to dismiss widespread wrongdoings as the work of a few bad apples and have escaped scandal after scandal without any personal penalty. In fact, some CEOs have been shamelessly trying-on the notion that they deserve customer service bonuses. “During the last term of Parliament I moved a motion in the Senate to establish an Inquiry into penalties for white-collar crime because there was a recommendation from the earlier ASIC Senate Inquiry to independently examine this issue and this was never acted upon by government. “Tomorrow, we will hear from the major regulators and expert criminologists about what sort of penalties we need to stem the tide of corporate misbehaviour. “During the election campaign the Greens were the only party to release a comprehensive policy to increase penalties for fraud and misconduct,” he concluded. ---ENDS--- INQUIRY INFORMATION: ECONOMICS REFERENCES COMMITTEE Criminal, civil and administrative penalties for white collar crime PUBLIC HEARING Tuesday 6 December 2016 Stamford Plaza Melbourne 111 Little Collins Street, Melbourne 9.00 am The Justice and International Mission Unit of the Synod of Victoria and Tasmania Dr Mark Zirnsak, Director 9.30 am Institute of Public Affairs Mr Darcy Allen, Research Fellow Mr Andew Bushnell, Research Fellow 10.00 am Law Council of Australia Mr Greg Golding, Chair, Foreign Corrupt Practices Working Group of the Business Law Section 10.30 am Panel: Dr Juliette Overland, Senior Lecturer, Business Law, University of Sydney Professor Fiona Haines, Criminology, University of Melbourne Professor Mirko Bagaric Mr Theo Alexander Ms Jenny Awad 11.30 am Australian Financial Security Authority Mr Paul Shaw, National Manager, Regulation and Enforcement Mr Andrew Sellars, General Counsel 12.00 pm Australian Shareholders' Association Mr Stephen Mayne, Director 1.30 pm Attorney General's Department Ms Kelly Williams, Assistant Secretary, Criminal Law Policy Branch Mr Tom Sharp, Acting Director, Criminal Law Reform Section Australian Federal Police Mrs Elsa Sengstock, Coordinator, Legislation Program Assistant Commissioner Ian McCartney, National Manager, Organised Crime and Cyber 2.30 pm Commonwealth Director of Public Prosecutions Mr Shane Kirne, Practice Group Leader, Commercial Financial & Corruption Ms Vicky Argitis, Acting Assistant Director, Legal Business Improvement Ms Fiona Thompson, Practice Group Co-ordinator, Commercial Financial & Corruption 3.00 pm Australian Securities and Investments Commission Mr Tim Mulally, Senior Executive Leader Mr Rowan Davis, Special Counsel Mr Chris Savundra, Senior Executive Leader 3.50 pm Australian Competition and Consumer Commission Mr Marcus Bezzi, Executive General Manager, Enforcement Division Mr Nicolas Heys, Director, Enforcement Coordination Mr Ian Lawrence, Director, Law Reform and Competition Advocacy |
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The crimes act at the end of this looks like cover ups are unethical "misprision of a felony" www.michaelsmithnews.com/2013/05/mark-la...ulias-in-the-cl.html
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December 6 2016 - 5:25PM
Save Cover-up culture plaguing corporate Australia, inquiry told Georgia Wilkins Georgia Wilkins Contact via Email 2 comments facebook SHARE twitter TWEET A cover-up culture is plaguing corporate Australia, an inquiry has heard, with companies choosing to investigate claims of fraud themselves rather than report them to regulators. A Senate inquiry into penalties for white-collar criminals has heard companies are choosing to hire private consultants and "clean up" claims of fraud, leading to crimes being swept under the rug. More BusinessDay Videos null What is ASIC? null Video duration 01:51 Adani mine project moves forward null Video duration 01:40 Rates on hold for Christmas null Video duration 01:50 Real estate agents playing vendors for ... null Video duration 01:59 RBA staying cool as the heat rises null Video duration 01:19 Asia's second-richest man's bid for ... null Video duration 03:28 The Australian economy: the great unknown null Video duration 01:21 Princess Cruises to pay $53 million for ... More videos What is ASIC? The 'corporate watchdog' has been everywhere in the last 12 months, but what do they actually do? Australian Shareholders' Association director Stephen Mayne said a "cover-up mentality" was rife inside boardrooms. "The cover-up culture is very strong," he told the inquiry. "Directors are very conscious of reputation ... you don't want to admit anything that could lead to a class action." Share on Facebook SHARE Share on Twitter TWEET Pin to Pinterest PIN Greens senator Peter Whish-Wilson set up the inquiry into white collar crime. Greens senator Peter Whish-Wilson set up the inquiry into white collar crime. Photo: Alex Ellinghausen He said it was fostered by the belief that Australia's corporate cop – the Australian Securities and Investments Commission – lacked power. "There's a real sense that the big boys get away with it," he said. Advertisement Mark Zirnsak, director of the Justice and International Mission Unit of the Synod of Victoria and Tasmania, told the inquiry that conversations with consultants who carried out internal investigations suggested fraud was common. "What these firms are saying to us is that they have no shortage of business," he said. Share on Facebook Share on Twitter Pin to Pinterest Mark Zirnsak, director of the Justice and International Mission Unit of the Synod of Victoria and Tasmania. Mark Zirnsak, director of the Justice and International Mission Unit of the Synod of Victoria and Tasmania. Photo: Sahlan Hayes "There's a huge caseload of frauds that take place. So there is a sense that Australia's penalties haven't been adequate." The Senate standing committees on economics inquiry is tasked with examining the failures of Australia's current criminal and civil penalties for corporate and financial misconduct. It was set up by Greens senator Peter Whish-Wilson after scandals inside the big banks and a recommendation by the inquiry into the performance of ASIC. Dr Zirnsak said surveys with businesses suggested the official statistics on white-collar crime activity significantly underestimated the occurrence of fraud. The cover-up culture is very strong. Stephen Mayne "A lot of this crime is not being pursued through the justice system but being dealt with internally by companies, and that comes at a cost," he said. "The conversations seem to indicate that many of their clients would not want the internal fraud made public, they worry about reputation damage and impacts on their business." ASIC used the hearing to again call for an increase in penalties for white-collar criminals. It said it supported penalties three times the value of gotten gains and an increase in jail times. It also wants "disgorgement" powers to allow it to force repayment of profits from companies and crooks hauled before courts – something it has never had despite being common in other jurisdictions. Currently ASIC must instigate separate Proceeds of Crime actions to recoup any winnings of corporate criminals. ASIC senior executive leader Chris Savundra defended the agency's record in catching corporate crooks, dismissing criticism that it only goes after the "small fish". "It's about seeking to achieve the best spread of outcomes with the resources we have available," he said. He said the agency preferred to go after individuals rather than companies so that shareholders would not be affected. "When we pursue entities, it is ultimately shareholders who pay those fines," he said. |
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Those Reserve Bank documents are now in this US Supreme Court Constitution Case with the State of New York.
Who was Howard Bowles' Government Board "spying" for? |
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