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Compensation for Victims - Seize the proceeds of Crime

Compensation for Victims - Seize the proceeds of Crime

The current Royal Commission investigating the Banking, Superannuation and Financial Services Industry has already established and proven that there have been many tens, of thousands of breaches of Australian laws and regulations.

These breaches are so systemic and wide spread across these industries that it is going to be totally infeasible to seek custodial sentences for the thousands of individuals who are guilty of perpetrating these breaches.

No matter how punitive the fines are, which are issued to the companies and fiscal entities found guilty of these thousands of breaches of Australian laws and regulations, they will not change the behaviour of the individuals who have conceived, implemented and operationally coordinated these nation wide criminal activities.

The many thousands of individuals guilty of these breaches currently suspect that they will most likely not receive the custodial sentences they so dearly deserve, given their sheer numbers. They took the risk of perpetrating their crimes based on the assumption that they will ultimately be allowed to enjoy the proceeds of their criminal activities.

Worst of all, the victims of their crimes will, more than likely, be left destitute and broken; with little, or no compensation.

Given that it is now standard practice with breaches of the Australian Drug laws, to seize the assets of convicted criminals, as the proceeds of crime. Surely the most appropriate sentence that should be issued to these thousands of criminals is to have their proceeds (assets) of crime seized.

Custodial sentences would only increase the fiscal penalty on the taxpayers of Australia.

The many hundreds of millions of dollars which would be raised by seizing these proceeds of crime, could be used to compensate their victims. At the same time by denying these criminals their proceeds of crime, surely the Australian Legal system would be delivering the most powerful incentive to dissuade anyone contemplating undertaking a similar type of criminal activity.

In addition, by allowing these criminals to retain their current employment positions, they would be allowed to earn a living and not further burden the Australian Taxpayer; as unemployed, or jail inmates.

Finally, the Australian Banking, Superannuation and Financial Services Industry would be crippled overnight if the thousand of guilty criminals were handed down custodial sentences. Where as their ongoing physical presence within the Australian Banking, Superannuation and Financial Services Industry would serve as a constant reminder, that there is nothing to be gained through criminal activities.

Regardless of your response I wish to thank you for taking the time to at least review and consider this unsolicited public comment.

Yours Sincerely,
Concerned Member 
Comment / suggestion, which has been sent to the Royal Commission
Last modified onTuesday, 02 October 2018 22:37

3 comments

  • Hoss
    Hoss Thursday, 25 October 2018 09:02 Comment Link

    they should reimburse all the funds, they have robbed people from, we should not let the politicians favor banks, because they get donations from them.

    Report
  • Linda Schmidt
    Linda Schmidt Wednesday, 17 October 2018 13:00 Comment Link

    All the banks should compensate the victims to the full amount allowed by FOS of $323000

    Report
  • Ivan
    Ivan Thursday, 04 October 2018 00:59 Comment Link

    I'll go with return the ill-gotten-gains to the victims of crime and face the consequences of the law regarding acting illegally, acting in collision, theft, unconscionable conduct, undue influence and being a bad corporate entity, group of entities and a blight on community.

    Report

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