Open Government Partnership – Australia

1.4 - Combating corporate crime

Overall status:
On-track

This commitment will strengthen Australia’s ability to prevent, detect and respond to corporate crime, particularly bribery of foreign public officials, money laundering and terrorism financing. We plan to do so by improving the effectiveness of our legislation and exploring options to encourage companies to self-report criminal behaviour.

This commitment will advance the OGP value of public accountability by strengthening our laws and improving our ability to detect and respond to corporate criminal behaviour, in consultation with the public.

Current status

Foreign bribery and DPAs (milestones 1 and 2)

  • The Minister for Justice released public discussion papers on a proposed deferred prosecution agreement (DPA) scheme (March 2017) and possible reform of laws applying to bribery of foreign public officials (April 2017);

  • Public consultations on foreign bribery and DPA proposed reforms closed on 1 May 2017;

  • The consultation process included engagement with non-government stakeholders through the Government Business Anti-Corruption Roundtable held on 31 March 2017 (the subject of commitment 4.2) and a further consultation event held on 27 April; and

  • We are considering the views expressed in the submissions and through the public consultation sessions.

AML/CTF Act review (milestone 3)

  • Phase 1 of the reforms arising from the recommendations from the report of the statutory review of Australia’s AML/CTF regime is progressing priority legislative and non-legislative reforms for completion in 2017; and

  • A cost-benefit analysis of regulatory models for ‘Tranche Two’ entities (lawyers, conveyancers, accountants, real estate agents, trust and company service providers and high-value dealers) has now been completed and policy options are under consideration.

ASIC enforcement review taskforce (milestone 4)

  • The taskforce will be consulting on a number of issues, including penalties for corporate fraud, prior to the delivery of a final report to Government; and

  • A final report will be provided to Government by the end of September 2017.

Contact

Attorney-General’s Department

Website: Attorney-General's Department

Email: CriminalLaw@ag.gov.au (foreign bribery and deferred prosecution agreements scheme law reforms)

Email: antimoneylaundering@ag.gov.au

The Treasury

Website: Treasury

Email: ASICenforcementreview@treasury.gov.au

Other stakeholders

Government: Australian Commission for Law Enforcement Integrity, Australian Federal Police, Australian Securities and Investments Commission, Commonwealth Director of Public Prosecutions, Treasury, Department of the Prime Minister and Cabinet

Non-Government: industry, peak bodies (including Law Council of Australia), non-government organisations (including Australian Open Government Partnership Network, Accountability Round Table), academia and international partners

Steps to implementation

Implementation Step Status

AGD to review laws applying to foreign bribery and consult publicly on possible reform options. (Dec 2016 - Mar 2017)

Completed

Respond to the consultation on a possible Australian DPA scheme and consult on possible models. (Dec 2016 - Jul 2017)

Completed

Consult publicly on the recommendations from the statutory review of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 and associated Rules and Regulations, and implement legislative reforms. (Ongoing to 2019)

On-track

Final report of the ASIC enforcement review taskforce to Government. (Ongoing 2017)

On-track
Last updated: 08/08/2017

Add new comment

Plain text

  • Allowed HTML tags: <a> <em> <strong> <cite> <blockquote> <code> <ul> <ol> <li> <dl> <dt> <dd>
  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.