Friday 14th August 2015 - 11:24 am

Corporate criminals warned

by Alan Thornhill

Corporate criminals beware.

You could soon be hit with the – quite substantial – cost of investigating your crimes, as well as any fines or other punishments that might well come your way.

That could add many thousands of dollars to your expenses.

Greg Medcraft, who chairs the the Australian Securities and Investments Commission explained why, this morning.

He did so when he – and his ASIC team – met the Parliamentary Joint Committee on Corporations and Financial Services.

Mr Medcraft noted that the Federal government has been pressing ASIC to recover the cost of its investigations.

And he signaled that it is happy to oblige.

He also said ASIC welcomes the capability review, that the government had announced, since he last met the committee.

“ASIC welcomes this review,” Mr Medcraft said.

“It is a forward-looking review and will assess our ability to meet the Government’s objectives and future challenges.

“Crucially, it is also linked to the Government’s consideration of the Murray Inquiry recommendation that ASIC’s regulatory activities be funded by industry as well as the other recommendations the Inquiry made relating to ASIC.”

He said ASIC welcomes the Murray Inquiry’s recommendation that Australia’s financial regulators be subjected to capability reviews.

Mr Medicraft said ASIC also welcomes the fact that it is “the first regulator chosen to undergo such a review.”

“Looking at our current position, we consider we are effective and efficient within the resources we have,” he added.

“Over the past few years, we have undertaken significant initiatives to enhance our effectiveness and this process will continue, including through the Capability Review process.

“We currently have several transformational, self-improvement programs under way at ASIC.

“We think the Review will further position ASIC to meet the needs of the Australian public in the future.

“Capability Reviews are not unusual.

“Over the past three years, reviews have been undertaken for 19 Federal Government departments and agencies,” Mr Medcraft said.


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Alan Thornhill is a parliamentary press gallery journalist.
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