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BFCSA: ASIC the experts at Poor Performance - hence white collar crime in Major Banks flourishes in Australia

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http://www.macrobusiness.com.au/2013/10/asic-blows-bureaucratic-smoke/

Posted by Houses and Holes in at 1:58pm on October 11, 2013

 

From ASIC chief Greg MedcraftThere are three points to make. ...................

 

made the point that the Federal Police had investigated Securency then passed the issue to ASIC, where it disappeared

 

From the ABC program:

The AFP handed its evidence to the Australian Securities and Investments Commission (ASIC). In a statement, ASIC said it had reviewed the material and decided not to take the matter further. The RBA sold its 50 per cent share in Securency earlier this year.

The program also made clear that ASIC never interviewed the prime witness in the parallel case at Note Printing Australia even though doing so would make eminent sense. This is made all the more peculiar by ASIC’s own defense: that it read “10,000 documents” before dismissing the case. To put it mildly, it needs to get out more.

The second point is that Australia’s white collar laws are simply too soft. In the comparable laws in the US and UK – the Foreign Corrupt Practices Act and Bribery Act – make clear that corrupt practices are criminal offenses that will be prosecuted at home.

In his speech today, Medcraft didn’t even mention the case of the RBA subsidiaries.  Given these, how are we to take Medcraft’s ASIC on trust – that it has the will to police anti-corruption behaviour – when instead of arguing for a fix to the problems it hides behind them?  read more   http://www.macrobusiness.com.au/2013/10/asic-blows-bureaucratic-smoke/

 

http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/Setting-the-record-straight--ASIC-bribery-and-enforcement-action.pdf/$file/Setting-the-record-straight--ASIC-bribery-and-enforcement-action.pdf

Setting the record straight: ASIC, bribery and enforcement action
A speech by Greg Medcraft, Chairman, Australian Securities and Investments Commission
AmCham Business Leaders Lunch
11 October 2013

 

Today I wanted to speak about ASIC’s handling of foreign bribery cases – something that has received a lot of media lately. In particular, I want to discuss our involvement in these cases.  Before I do that, I thought I’d briefly overview how ASIC works.......................

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  • doyla66
    doyla66 Saturday, 07 June 2014

    Government values and actions out of step with society on white collar crime

    ASIC cannot – and will not – do anything to jeopardise the success of criminal actions.
    Huh? Does this mean ASIC will let the criminals continue with their criminal actions if this is keeping their companies viable?
    Or does it mean ASIC won't get in the way of criminal prosecutions?
    Either way, ASIC and a succession of Australian Governments have been way too soft on white collar crime!
    It's no wonder that Price Waterhouse research discovered that 57% of Australian companies have white collar crime in their businesses! And the criminals are most likely to be men.
    When it comes to the Banks white collar crime is part of their so called success. And no one has been brave enough in government to take them on and drive them to court, conviction and jail for criminal offenses. Civil cases are too soft on these guys.
    When is the Australian government going to get tough on white collar financial crime and really mean it? Because that's what the population want now. Surely they should be reflecting the values of the Australian people in this important area: trusting others with our hard earned money and the future of our family homes.

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