Bribery, false accounting and corruption in Government's crosshairs as anti-corruption laws proposed

Quote:

The Federal Government has introduced tough new laws targeting dodgy accounting practices in a bid to tackle bribery and corporate corruption. Justice Minister Michael Keenan said the legislation would put all Australian businesses on notice. "The Government is committed to ensuring that Australia has tough laws against white-collar crime," Mr Keenan said. The proposed Commonwealth false accounting laws were introduced to Parliament in November as part of the Crimes Legislation Amendment Bill 2015. The legislation is currently before a Senate committee which is due to report to Parliament by early February, 2016. If adopted, the laws will see a tougher regulatory regime coming into effect for the Commonwealth to pursue false accounting offenders. The laws will make it an offence when a person "facilitates, conceals or disguises" in accounting documents payments or benefits which are not "legitimately due". This approach aims to expose all kinds of illegitimate payments, including bribes. Strong penalties to deter white-collar crimes The offences will carry heavy maximum penalties for individuals of 10 years' imprisonment and fines of up to $1.8 million. For corporations, the new offences attract significant maximum penalty options: a fine of $18 million, three times the value of the benefit gained from the crime, or 10 per cent of a business's annual turnover. The offences will apply both within Australia and overseas, and follow criticism of Australia's foreign bribery laws by the OECD Anti-Bribery Convention's Phase Three report. "These new offences will assist Australia in meeting its obligations under the Anti-Bribery Convention, and sends a strong message that this Government will not tolerate bribery and corruption in any of its forms," Mr Keenan said. The co-chair of the Anti-Corruption Committee of the International Bar Association, Robert Wyld, said the reforms were significant. "The new laws, if adopted, will ensure if you keep dodgy books to hide bribes or illegal payments... you may go to jail," Mr Wyld said. Until now, the penalties for false accounting under the Corporations Act have been "woeful", Mr Wyld said, making it easier for companies to pay bribes or hide illegal payments. Those who offend rarely, if ever, go to jail. "The alleged offences at the heart of the RBA/Securency banknote printing case might have been very different if Australia had tougher foreign bribery and false accounting laws as they operate in the United States," Mr Wyld said. The Securency banknote printing investigation and its ongoing prosecutions is Australia's most scandalous foreign bribery case. Companies owned by the Reserve Bank of Australia — Securency and Note Printing Australia — are alleged to have paid millions of dollars in bribes to third parties in foreign countries, including an arms dealer, to win banknote printing contracts. So far in the ongoing case, the only person convicted is David John Ellery, the former chief financial officer of Securency. He received a two-year suspended sentence after he pleaded guilty to a charge of false accounting under the Victorian Crimes Act in relation to a $79,502 payment to an allegedly corrupt arms dealer from Malaysia who acted as the Securency or Note Printing Australia intermediary. Under the proposed legislation, David Ellery "might well be in prison with a substantial fine", Mr Wyld said. "If executives see prison as a real risk, as they do in the United States, these issues will begin to be taken very seriously in the boardroom, even more seriously than they are now," he said. Organisations put on notice Mr Wyld warned that the proposed legislation was broad and would force all Australian companies to implement stricter accounting protocols. "The provisions may apply in a very wide range of circumstances," Mr Wyld said. The executive director of Transparency International Australia, Mike Ahrens, said the new laws were "necessary as a deterrent to bribery". "No longer will the overzealous marketing people be able to tell the administrative people just to turn a blind eye to illegitimate payments," he said. Mr Ahrens said Transparency International commended the new laws "as a most important and long awaited reform of the Criminal Code". Griffith University Professor of Public Policy and Law AJ Brown welcomed the proposed laws but said the measures were "far from a cure-all". "Plenty more needs to be done," Professor Brown said. The lack of a clear Commonwealth Government anti-corruption plan, he said, remained an overarching concern.

It's good that the government are cracking down on corporate corruption, but is that the only change the government plans to introduce? What else needs to be done?

... I love the smell of an election in the morning........

Wonder how well the teeth will bite here, or if this is just for consumption of a gullible public?

Bam wrote on Dec 22^nd, 2015 at 9:51am:

It's good that the government are cracking down on corporate corruption, but is that the only change the government plans to introduce? What else needs to be done?

Crack down on Union corruption as well

What about Unions.. thair ripping off their workers more than corporations are. 

Pantheon wrote on Dec 22^nd, 2015 at 10:33am:

What about Unions.. thair ripping off their workers more than corporations are.

;D  ;D  ;D  ;D  ;D


Inanity Of The Weeeek
http://eye-candi.net/emoticons/000aaaemotes/singing.gif

Sounds like good changes. Of course the lefties will complain all about how Libs are soft on corporate crime even after this legislation while Labor did nothing at all.

Bam wrote on Dec 22^nd, 2015 at 9:51am:

It's good that the government are cracking down on corporate corruption, but is that the only change the government plans to introduce? What else needs to be done?

I'd say corporate tax avoidance is a more pressing concern.

polite_gandalf wrote on Dec 22^nd, 2015 at 3:32pm:

Bam wrote on Dec 22nd, 2015 at 9:51am: It's good that the government are cracking down on corporate corruption, but is that the only change the government plans to introduce? What else needs to be done? I'd say corporate tax avoidance is a more pressing concern.

If there was much such avoidance. So far, all the evidence suggests quite the opposite outside of multinationals which requires a mult-national approach.

polite_gandalf wrote on Dec 22^nd, 2015 at 3:32pm:

Bam wrote on Dec 22nd, 2015 at 9:51am: It's good that the government are cracking down on corporate corruption, but is that the only change the government plans to introduce? What else needs to be done? I'd say corporate tax avoidance is a more pressing concern.

I see no reason why we can't do both, though fixing the Byzantine complexity of the tax laws will take longer. We can't simply repeal an Act that weighs as much as a Sydney phone book.

Another thing we need to fix is political donations. Donations in exchange for political favours can encourage corruption.

Bam wrote on Dec 22^nd, 2015 at 3:53pm:

polite_gandalf wrote on Dec 22nd, 2015 at 3:32pm: Bam wrote on Dec 22nd, 2015 at 9:51am: It's good that the government are cracking down on corporate corruption, but is that the only change the government plans to introduce? What else needs to be done? I'd say corporate tax avoidance is a more pressing concern. I see no reason why we can't do both, though fixing the Byzantine complexity of the tax laws will take longer. We can't simply repeal an Act that weighs as much as a Sydney phone book. Another thing we need to fix is political donations. Donations in exchange for political favours can encourage corruption.

Donations in exchange for political industrial favours can encourage corruption

Don't forget that one.

So big medical announcement yesterday, big anti-white collar crime announcement today.

Election announcement when sitting resumes?

Kiron22 wrote on Dec 22^nd, 2015 at 4:11pm:

So big medical announcement yesterday, big anti-white collar crime announcement today. Election announcement when sitting resumes?

Terrific.  55/45 Liberal victory.

He hasn't got the balls!

macman wrote on Dec 22^nd, 2015 at 5:30pm:

He hasn't got the balls!

Why does he need 'balls'?  The victory is home and hosed no matter when he holds it.

mariacostel wrote on Dec 23^rd, 2015 at 6:23am:

macman wrote on Dec 22nd, 2015 at 5:30pm: He hasn't got the balls! Why does he need 'balls'?  The victory is home and hosed no matter when he holds it.

Thats what you said about QLD and that didnt work out so well for you , dissapeared for 6 weeks , probably curled up at home in foetal position sucking ya thumb whilst shittn ya big boy nappies.

Its time wrote on Dec 23^rd, 2015 at 7:23am:

mariacostel wrote on Dec 23rd, 2015 at 6:23am: macman wrote on Dec 22nd, 2015 at 5:30pm: He hasn't got the balls! Why does he need 'balls'?  The victory is home and hosed no matter when he holds it. Thats what you said about QLD and that didnt work out so well for you , dissapeared for 6 weeks , probably curled up at home in foetal position sucking ya thumb whilst shittn ya big boy nappies.

A) that wasnt me and B) the election was literally line-ball at the time and C) turnball leads 53/47 and rising.

Corporate corruption is such a grey area especially to doing business in countries that do not live by the same standards as we do

If bribes are expected then you need to bring it - otherwise don't both coming to the table

Maqqa wrote on Dec 23^rd, 2015 at 12:34pm:

Corporate corruption is such a grey area especially to doing business in countries that do not live by the same standards as we do If bribes are expected then you need to bring it - otherwise don't both coming to the table

Yet it's already a crime under current laws to pay bribes, even in other countries.

Reserve Bank firm accused of bribery (ABC Online,  24 May 2010, excerpt quoted)

Quote:

A Reserve Bank currency firm was willing to supply prostitutes and pay bribes to foreign officials to win banknote supply contracts, according to a federal police witness at the centre of Australia's most serious corruption investigation. The explosive revelation is one of many made by a key witness in the federal police inquiry into the Reserve Bank's polymer currency company, Securency.

Well, I would agree, THERE SHOULD BE A CRACKDOWN ON CORPORATE CRIME & CORRUPTION!

AND, THAT CRACKDOWN SHOULD ALSO BE EXTENDED TO -
1) UNIONS!
2) POLITICIANS (of all persuasion) & POLITICAL PARTY'S!
3) RELIGIONS (all of them)
4) And, no doubt, a few more, along the way!

perceptions_now wrote on Dec 23^rd, 2015 at 9:59pm:

Well, I would agree, THERE SHOULD BE A CRACKDOWN ON CORPORATE CRIME & CORRUPTION! AND, THAT CRACKDOWN SHOULD ALSO BE EXTENDED TO - 1) UNIONS! 2) POLITICIANS (of all persuasion) & POLITICAL PARTY'S! 3) RELIGIONS (all of them) 4) And, no doubt, a few more, along the way!

[smiley=thumbsup.gif]
Agree ... nobody should be exempt from the law.

Looks like an election year political policy, talk tough and catch nobody.

mariacostel wrote on Dec 23^rd, 2015 at 12:04pm:

B) the election was literally line-ball at the time and

;D ;D ;D

still making crap up I see .... no one expected labor to win.

mariacostel wrote on Dec 23^rd, 2015 at 6:23am:

macman wrote on Dec 22nd, 2015 at 5:30pm: He hasn't got the balls! Why does he need 'balls'?  The victory is home and hosed no matter when he holds it.

If he does not call an election early he may find his advantage gone.

His problem is that he promised to go full term.

His bigger problem is that if he has to produce a budget then he will probably lose his poll lead overnight.

The other risk is that to call an election before the budget will be seen as chicken shite and a worrying signal to voters to not trust him.

Bad enough that the Liberals have to take about 75 lies to the electorate and an incompetent performance.

Not sure how well going to an election because of the fear of producing a third consecutive incompetent budget would go over with voters.

Would people vote for a government to frightened to show us a budget ?

Bam wrote on Dec 24^th, 2015 at 7:45am:

perceptions_now wrote on Dec 23rd, 2015 at 9:59pm: Well, I would agree, THERE SHOULD BE A CRACKDOWN ON CORPORATE CRIME & CORRUPTION! AND, THAT CRACKDOWN SHOULD ALSO BE EXTENDED TO - 1) UNIONS! 2) POLITICIANS (of all persuasion) & POLITICAL PARTY'S! 3) RELIGIONS (all of them) 4) And, no doubt, a few more, along the way! [smiley=thumbsup.gif] Agree ... nobody should be exempt from the law.

Well, I would also agree with that, although the "Laws" are also in need of a Crackdown, as well, to make them "Fair to All, in the longer term"!