Footnotes

Chapter 1 - Introduction and Overview

[1]        At the dissolution of the Senate and the House of Representatives on 9 May 2016 for a general election on 2 July 2016, the parliamentary committees of the 44th Parliament ceased to exist, and ongoing inquiries automatically lapsed. On 11 October 2016, the Senate agreed to the committee's recommendation that this inquiry be re-adopted in the 45th Parliament.

[2]        For the most part, this report uses the phrase 'white-collar crime and misconduct'. It might be noted that the financial and corporate misconduct captured by this phrase is not always criminal in nature.  Where the report is referring specifically to criminal offences or non-criminal offences this is made clear.

[3]        Institute of Public Affairs, Submission 33, p. 2.

[4]        Professor Michael Adams, Dr Tom Hickie and Mr Ian Lloyd QC, Submission 5, p. 1.

[5]        Attorney-General's Department, Submission 52, p. 1.

[6]        Australian Federal Police, Submission 54, p. 6.

[7]        Mr Andrew Bushnell, Research Fellow, Institute of Public Affairs, Proof Committee Hansard, 6 December 2016, p. 8.

[8]        Mr Andrew Bushnell, Research Fellow, Institute of Public Affairs, Proof Committee Hansard, 6 December 2016, p. 11.

[9]        Gilbert Geis, 'White-collar crime: what is it?' Current Issues in Criminal Justice 3 (1991), p. 10.

[10]      Attorney-General's Department, Submission 52, p. 1.

[11]      Attorney-General's Department, Submission 52, p. 1.

[12]      Australian Federal Police, Submission 54, p. 3.

[13]      Dr Mark Zirnsak, Director, Justice and International Mission Unit, Uniting Church in Australia, Synod of Victoria and Tasmania, Proof Committee Hansard, 6 December 2016, p. 2.

[14]      Dr Mark Zirnsak, Director, Justice and International Mission Unit, Uniting Church in Australia, Synod of Victoria and Tasmania, Proof Committee Hansard, 6 December 2016, p. 5.

[15]      Sue Mitchell, 'Australia "paradise" for white-collar criminals, says ASIC chairman Greg Medcraft', Sydney Morning Herald, 21 October 2014. 

[16]      Mr Medcraft was referring the Senate Economics References Committee's 2013–14 inquiry into the performance of ASIC, which is discussed later in this chapter.

[17]      Mr Greg Medcraft, Chairman, Australian Securities and Investments Commission, Senate Economics Legislation Committee Estimates Hansard, 22 October 2014, p. 69.

[18]      Mr Greg Medcraft, Chairman, Australian Securities and Investments Commission, Committee Hansard, 19 February 2014, p. 2.

[19]      HNAB Action Group, Submission 41, p. 15.

[20]      HNAB Action Group, Submission 41, p. 6.

[21]      Australian Federal Police, Submission 54, p. 4.

[22]      Professor Fiona Haines, Private capacity, Proof Committee Hansard, 6 December 2016, p. 28. A contrary view, questioning the impact of white-collar crime on market integrity, was offered by Professor Bagaric. Professor Mirko Bagaric, Professor of Law, Swinburne University of Technology Proof Committee Hansard, 6 December 2016, p. 27.

[23]      Senate Economics References Committee, Performance of the Australian Securities and Investments Commission (June 2014), pp. 367–368. 'Disgorgement', as ASIC explained in its submission, is 'the removal of financial benefit (such as profits illegally obtained or losses avoided) that arises from wrongdoing, or the act of paying these monies, on demand or by legal compulsion. For example, any profit made by wrongdoing is "disgorged" from those involved in the wrongdoing in addition any penalties that are imposed.' Australian Securities and Investments Commission, Submission 49, p. 10.

[24]      Senate Economics References Committee, Performance of the Australian Securities and Investments Commission (June 2014), p. 368.

[25]      Senate Economics References Committee, Performance of the Australian Securities and Investments Commission (June 2014), p. 368.

[26]      Australian Government, Response to the Senate Economics References Committee Report: Performance of the Australian Securities and Investments Commission (October 2014), p. 21.

[27]      ASIC, media release, 'ASIC reports on penalties for corporate wrongdoing', 20 March 2014, http://asic.gov.au/about-asic/media-centre/find-a-media-release/2014-releases/14-055mr-asic-reports-on-penalties-for-corporate-wrongdoing/ (accessed 2 December 2012).

[28]      ASIC, media release, 'ASIC reports on penalties for corporate wrongdoing'.

[29]      ASIC, media release, 'ASIC reports on penalties for corporate wrongdoing'.

[30]      Financial System Inquiry, 'The inquiry's terms of reference', http://fsi.gov.au/terms-of-reference/ (accessed 20 June 2016).

[31]      Financial System Inquiry, Interim Report (July 2014), p. 3-125.

[32]      Financial System Inquiry, Interim Report (July 2014), p. 252.

[33]      Financial System Inquiry, Final Report (December 2014), p. 250.

[34]      Financial System Inquiry, Final Report (December 2014), p. 252.

[35]      Australian Government, Improving Australia's financial system: Government response to the Financial System Inquiry (October 2015), p. 8.

[36]      Australian Government, Improving Australia's financial system: Government response to the Financial System Inquiry (October 2015), p. 8.

[37]      The Capability Review terms of reference indicated that the review could 'provide observations, but not make recommendations on ASIC's regulatory framework and powers'. Australian Government, Fit for the future: A capability review of the Australian Securities and Investments Commission (December 2015) [hereafter 'ASIC Capability Review'], p. 1.

[38]      ASIC Capability Review, Appendix E: ASIC's Response to the Panel's Report to Government, p. 181.

[39]      The Hon Kelly O'Dwyer MP, Minister for Revenue and Financial Services, media release, 'ASIC Enforcement Review Taskforce', 19 October 2016, http://kmo.ministers.treasury.gov.au/media-release/095-2016/.

[40]      Ms O'Dwyer, 'ASIC Enforcement Review Taskforce'.

[41]      Ms O'Dwyer, 'ASIC Enforcement Review Taskforce'.

[42]      Ms O'Dwyer, 'ASIC Enforcement Review Taskforce'.

Chapter 2 - Overview of the current penalty framework

[1]        Australian Law Reform Commission [ALRC] Reports, Principled Regulation: Federal Civil and Administrative Penalties in Australia (2002) [hereafter 'Principled Regulation'], p. 27 (available at http://www.alrc.gov.au/sites/default/files/pdfs/publications/ALRC95.pdf).

[2]        ALRC, 'Principled Regulation', pp. 73–74.

[3]        ALRC, 'Principled Regulation', p. 81.

[4]        Michael Gillooly and Nii Lante Wallace-Bruce, 'Civil Penalties in Australian Legislation', University of Tasmania Law Review 13 (1994), p. 269.

[5]        ALRC, 'Principled Regulation', pp. 78–79.

[6]        The ALRC does not consider infringement notices or 'quasi/pseudo-penalties' to be true 'administrative penalties', but rather administrative devices. ALRC, 'Principled Regulation', pp. 78–79. Submitters to this inquiry have generally taken 'administrative penalties' to include infringement notices and what the ALRC calls 'quasi/pseudo-penalties'; this report also employs the broader, common definition of 'administrative penalties', even allowing that it may not be technically precise to do so. 

[7]        ASIC, Information sheet 151: ASIC's approach to enforcement (September 2013), http://download.asic.gov.au/media/1339118/INFO_151_ASIC_approach_to_enforcement_20130916.pdf.

[8]        ASIC, Information sheet 151: ASIC's approach to enforcement (September 2013), p. 4.

[9]        Australian Securities and Investments Commission, Submission 49, p. 4.

[10]      Australian Securities and Investments Commission, Submission 49, p. 4. ASIC has set out its approach to enforcement in Information Sheet 151, including guidance on how and why it determines the most appropriate remedy to apply in response to misconduct. ASIC, Information sheet 151: ASIC's approach to enforcement (September 2013).

[11]      ASIC, Report 387: Penalties for corporate wrongdoing (March 2014) [hereafter Report 387], p. 7.

[12]      ASIC, Report 387, p. 56.

[13]      ASIC, Report 387, p. 20.

[14]      Australian Taxation Office, Submission 29, p. 4. An explanation of each of these penalty types is provided in the ATO's submission, pp. 4–6.

[15]      Australian Federal Police, Submission 54, p. 4.

[16]      Australian Federal Police, Submission 54, p. 4.

[17]      Australian Federal Police, Submission 54, pp. 4–5.

[18]      Commonwealth Director of Public Prosecutions, Submission 53, p. 1.

[19]      Commonwealth Director of Public Prosecutions, Submission 53, p. 1.

[20]      Australian Competition and Consumer Commission, Submission 40, p. 2.

[21]      Australian Financial Security Authority, Submission 25, pp. 1–2. 

[22]      Attorney-General's Department, Submission 52, p. 6.

[23]      Attorney-General's Department, Submission 52, pp. 6–10.

[24]      Attorney-General's Department, Submission 52, p. 10.

[25]      Attorney-General's Department, Submission 52, p. 2.

[26]      Attorney-General's Department, Submission 52, p. 3.

[27]      Attorney-General's Department, Submission 52, p. 3; Australian Federal Police, factsheet, 'Serious Financial Crime Taskforce', https://www.afp.gov.au/sites/default/files/PDF/serious-financial-crime-taskforce-factsheet.pdf (accessed 16 March 2017).

[28]      Attorney-General's Department, Submission 52, p. 3.

[29]       Mr Ian McCartney, Assistant Commissioner and National Manager, Organised Crime and Cyber, Australian Federal Police, Proof Committee Hansard, 6 December 2016, p. 44.

[30]      Australian Securities and Investments Commission, Submission 49, p. 4.

[31]      Australian Securities and Investments Commission, Submission 49, p. 12.

[32]      Australian Securities and Investments Commission, Submission 49, p. 12.

[33]      Australian Securities and Investments Commission, Submission 49, p. 12.

[34]      Australian Shareholders' Association, Submission 34, p. 1.

[35]      The Justice and International Mission Unit of the Synod of Victoria and Tasmania, Uniting Church in Australia, Submission 39, p. 11.

[36]      The Justice and International Mission Unit of the Synod of Victoria and Tasmania, Uniting Church in Australia, Submission 39, p. 11.

[37]      Australian Taxation Office, Submission 29, p. 3.

[38]      Australian Competition and Consumer Commission, Submission 40, p. 1.

[39]      Australian Competition and Consumer Commission, Submission 40, p. 1. The ACCC acknowledged that this might be due, in part, to the fact that cases in Australia using higher penalties that were introduced in 2007 are only now coming before court. Australian Competition and Consumer Commission, Submission 40, p. 5.

[40]      Australian Competition and Consumer Commission, Submission 40, p. 1.

[41]      Australian Competition and Consumer Commission, Submission 40, p. 10.

[42]      Australian Competition and Consumer Commission, Submission 40, p. 10. Consumer Affairs Australia and New Zealand (CAANZ) commenced a review of the ACL in 2015. See Australian Consumer Law, webpage, 'About the review', http://consumerlaw.gov.au/review-of-the-australian-consumer-law/about-the-review/ (accessed 2 February 2017). In parallel with the CAANZ review, the Productivity Commission is undertaking a review of the enforcement and administration arrangements underpinning the ACL, and is due to report in March 2017. The Productivity Commission released a draft report in December 2016, which includes consideration of the adequacy of penalties in the ACL. The draft report highlights several aspects of the ACL enforcement regime that could be strengthened, including, for example, increasing maximum financial penalties for breaches of the ACL, and aligning penalties for breaches of the ACL with penalties for breaches of competition provisions in the Competition and Consumer Act. Productivity Commission, draft report, Consumer Law Enforcement and Administration (December 2016), pp. 10, 18, http://www.pc.gov.au/inquiries/current/consumer-law/draft/consumer-law-draft.pdf.

[43]      Australian Securities and Investments Commission, Submission 49, p. 7.

[44]      Mr Greg Golding, Chair, Foreign Corrupt Practices Working Group, Business Law Section, Law Council of Australia, Proof Committee Hansard, 6 December 2016, p. 15.

[45]      Mr Shane Kirne, Practice Group Leader, Commercial Financial and Corruption, Commonwealth Director of Public Prosecutions, Proof Committee Hansard, 6 December 2016, pp. 53–54.

[46]      Australian Securities and Investments Commission, Submission 49, p. 13.

[47]      Australian Securities and Investments Commission, Submission 49, p. 13.

[48]      Australian Securities and Investments Commission, Submission 49, p. 14.

[49]      Australian Securities and Investments Commission, Submission 49, pp. 13–14.

Chapter 3 - The investigation and prosecution of white-collar crime and corporate and financial misconduct

[1]        Professor Fiona Haines, Private capacity, Proof Committee Hansard, 6 December 2016, p. 20.

[2]        Professor Fiona Haines, Submission 8, p. 4.

[3]        Professor Fiona Haines, Submission 8, p. 4.

[4]        Professor Fiona Haines, Submission 8, p. 5.

[5]        In criminal trials, the prosecution has the burden of proving the guilt of the accused beyond reasonable doubt; in civil proceedings, the person seeking the benefit of the law bears the burden of persuading the court that it should exercise its authority. However, the Attorney-General's Department noted that in criminal cases the burden of proof is sometimes reversed where the offence carries a relatively low penalty or the burden of proof does not relate to an essential element of the offence. In civil cases, there are cases where the respondent will carry the onus of proof, or at least the burden of bringing evidence on a particular issue. Attorney-General's Department, Submission 52, pp. 5–6.

[6]        Attorney-General's Department, Submission 52, p. 5.

[7]        Australian Competition and Consumer Commission, Submission 40, p. 3.

[8]        Australian Securities and Investments Commission, Submission 49, p. 18.

[9]        Australian Securities and Investments Commission, Submission 49, p. 17.

[10]      Australian Securities and Investments Commission, Submission 49, pp. 17–18.

[11]      Australian Securities and Investments Commission, Submission 49, p. 18.

[12]      Dr Vicky Comino, Submission 24, p. 1.

[13]      Dr Vicky Comino, Submission 24, p. 1.

[14]      NSW Young Lawyers Business Law Committee, Submission 137, p. 4.

[15]      NSW Young Lawyers Business Law Committee, Submission 137, p. 5.

[16]      NSW Young Lawyers Business Law Committee, Submission 137, p. 2.

[17]      Dr Juliette Overland, Submission 9, p. 4.

[18]      Dr Juliette Overland, Submission 9, p. 5.

[19]      Australian Shareholders' Association, Submission 34, p. 2.

[20]      Australian Shareholders' Association, Submission 34, p. 3.

[21]      Mr Stephen David Mayne, Director, Australian Shareholders' Association, Proof Committee Hansard, 6 December 2016, p. 38.

[22]      Mr Ian McCartney, Assistant Commissioner and National Manager, Organised Crime and Cyber, Australian Federal Police, Proof Committee Hansard, 6 December 2016, pp. 50–51.

[23]      Mr Ian McCartney, Assistant Commissioner and National Manager, Organised Crime and Cyber, Australian Federal Police, Proof Committee Hansard, 6 December 2016, p. 51.

[24]      Australian Federal Police, Submission 54, p. 4.

[25]      Dr Mark Zirnsak, Director, Justice and International Mission Unit, Uniting Church in Australia, Synod of Victoria and Tasmania, Proof Committee Hansard, 6 December 2016, p. 1. See The Justice and International Mission Unit of the Synod of Victoria and Tasmania, Uniting Church in Australia, Submission 39, p. 1.

[26]      Professor Fiona Haines, Private capacity, Proof Committee Hansard, 6 December 2016, p. 19.

[27]      Professor Fiona Haines, Submission 8, p. 3.

[28]      Commonwealth Director of Public Prosecutions, Submission 53, p. 5.

[29]      Australian Federal Police, Submission 54, p. 3.

[30]      Professor Mirko Bagaric, Professor of Law, Swinburne University of Technology Proof Committee Hansard, 6 December 2016, p. 21. Professor Bagaric's rejection of imprisonment as a deterrent for white-collar criminals is discussed in the next chapter.

[31]      Australian Shareholders' Association, Submission 34, p. 5.

[32]      Australian Shareholders' Association, Submission 34, p. 6.

[33]      Australian Shareholders' Association, Submission 34, p. 6.

[34]      Dr Mark Zirnsak, Director, Justice and International Mission Unit, Uniting Church in Australia, Synod of Victoria and Tasmania, Proof Committee Hansard, 6 December 2016, p. 1; The Justice and International Mission Unit of the Synod of Victoria and Tasmania, Uniting Church in Australia, Submission 39, p. 4; Australian Competition and Consumer Commission, Submission 40, p. 9; HNAB Action Group, Submission 41, p. 9; Ms Merilyn Swan, Submission 50, p. 9; LF Economics, Submission 63, p. 42.

[35]      Parliamentary Joint Committee on Corporations and Financial Services, webpage, 'Inquiry into whistleblower protections in the corporate, public and not-for-profit sectors', http://www.aph.gov.au/Parliamentary_Business/Committees/Joint/Corporations_and_Financial_Services/WhistleblowerProtections, accessed 16 March 2017.

[36]      The Hon Kelly O'Dwyer MP, Minister for Revenue and Financial Services, media release, 'Consultation on whistleblower protections', 20 December 2016.

[37]      Senate Economics References Committee, issues paper, 'Corporate whistleblowing in Australia: ending corporate Australia's cultures of silence', 21 April 2016. 

[38]      Attorney-General's Department, webpage, 'Deferred prosecution agreements – public consultation', https://www.ag.gov.au/Consultations/Pages/Deferred-prosecution-agreements-public-consultation.aspx, accessed 16 March 2017.

[39]      Attorney-General's Department, Submission 52, pp. 12–13.

[40]       Mr Ian McCartney, Assistant Commissioner and National Manager, Organised Crime and Cyber, Australian Federal Police, Proof Committee Hansard, 6 December 2016, p. 44.

[41]      Australian Federal Police, Submission 54, p. 11.

[42]      Australian Federal Police, Submission 54, p. 11.

[43]      Australian Federal Police, Submission 54, p. 12.

[44]      Mr Greg Golding, Chair, Foreign Corrupt Practices Working Group, Business Law Section, Law Council of Australia, Proof Committee Hansard, 6 December 2016, p. 15.

[45]      Mr Greg Golding, Chair, Foreign Corrupt Practices Working Group, Business Law Section, Law Council of Australia, Proof Committee Hansard, 6 December 2016, p. 15.

[46]      Ms Kelly Williams, Assistant Secretary, Criminal Law Enforcement Branch, Attorney-General's Department, Proof Committee Hansard, 6 December 2016, p. 45. See Attorney-General's Department, webpage, 'Deferred prosecution agreements – public consultation', https://www.ag.gov.au/Consultations/Pages/Deferred-prosecution-agreements-public-consultation.aspx, accessed 9 March 2017.

[47]      Ms Kelly Williams, Assistant Secretary, Criminal Law Enforcement Branch, Attorney-General's Department, Proof Committee Hansard, 6 December 2016, p. 46.

[48]      Ms Kelly Williams, Assistant Secretary, Criminal Law Enforcement Branch, Attorney-General's Department, Proof Committee Hansard, 6 December 2016, pp. 43–44.

[49]      Department of the Prime Minister and Cabinet, webpage, 'Update on Public Consultation Activities', http://ogpau.pmc.gov.au/2017/02/22/update-public-consultation-activities, accessed 8 March 2017.

[50]      Dr Mark Zirnsak, Director, Justice and International Mission Unit, Uniting Church in Australia, Synod of Victoria and Tasmania, Proof Committee Hansard, 6 December 2016, p. 3.

[51]      Dr Mark Zirnsak, Director, Justice and International Mission Unit, Uniting Church in Australia, Synod of Victoria and Tasmania, Proof Committee Hansard, 6 December 2016, p. 5.

[52]      The Justice and International Mission Unit of the Synod of Victoria and Tasmania, Uniting Church in Australia, Submission 39, p. 12.

[53]      Australian Competition and Consumer Commission, Submission 40, p. 8.

[54]      HNAB Action Group, Submission 41, p. 5.

[55]      Australian Federal Police, Submission 54, p. 8.

[56]      Australian Federal Police, Submission 54, p. 8.

[57]      Australian Federal Police, Submission 54, p. 8.

[58]      Australian Federal Police, Submission 54, pp. 8–9.

[59]      Australian Federal Police, Submission 54, p. 9.

Chapter 4 - Sentencing, deterrence and custodial sentences

[1]        The Justice and International Mission Unit of the Synod of Victoria and Tasmania, Uniting Church in Australia, Submission 39, p. 10.

[2]        Sentencing Advisory Council, webpage, 'Sentencing principles, purposes, factors', https://www.sentencingcouncil.vic.gov.au/about-sentencing/sentencing-process/sentencing-principles-purposes-factors, accessed 1 February 2017. In New South Wales, section 3A of the Crimes (Sentencing Procedure) Act 1999 sets out a similar range of 'purposes of sentence'.

[3]        Sentencing Advisory Council, webpage, 'Sentencing principles, purposes, factors', https://www.sentencingcouncil.vic.gov.au/about-sentencing/sentencing-process/sentencing-principles-purposes-factors, accessed 1 February 2017.

[4]        Commonwealth Director of Public Prosecutions, Submission 53, p. 2.

[5]        Professor Michael Adams, Dr Tom Hickie and Mr Ian Lloyd QC, Submission 5, p. 1.

[6]        Professor Fiona Haines, Private capacity, Proof Committee Hansard, 6 December 2016, p. 28.

[7]        Australian Competition and Consumer Commission, Submission 40, p. 9.

[8]        Commonwealth Director of Public Prosecutions, Submission 53, p. 3.

[9]        Commonwealth Director of Public Prosecutions, Submission 53, p. 3.

[10]      Dr Juliette Overland, Submission 9, p. 11.

[11]      Professor Mirko Bagaric, Professor of Law, Swinburne University of Technology Proof Committee Hansard, 6 December 2016, p. 21.

[12]      Professor Mirko Bagaric, Professor of Law, Swinburne University of Technology, Proof Committee Hansard, 6 December 2016, p. 21.

[13]      'General deterrence' is distinct from 'specific deterrence', which is 'aimed at reducing crime by applying a criminal sanction to a specific offender, in order to dissuade him or her from reoffending'. Donald Ritchie, 'Sentencing Matters: Does Imprisonment Deter? A Review of the Evidence', Sentencing Advisory Council (April 2011), https://www.sentencingcouncil.vic.gov.au/sites/default/files/publication-documents/Does%20Imprisonment%20Deter%20A%20Review%20of%20the%20Evidence.pdf, p. 1.

[14]      Mr Andrew Bushnell, Research Fellow, Institute of Public Affairs, Proof Committee Hansard, 6 December 2016, p. 8.

[15]      Commonwealth Director of Public Prosecutions, Submission 53, p. 2.

[16]      Australian Securities and Investments Commission, Submission 49, p. 7.

[17]      Dr Overland notes, in this regard, that the maximum term of imprisonment was increased in Australia was increased from five years to 10 years in 2010.

[18]      Dr Juliette Overland, Submission 9, p. 6.

[19]      Australian Shareholders' Association, Submission 34, p. 2.

[20]      Mr Stephen David Mayne, Director, Australian Shareholders' Association, Proof Committee Hansard, 6 December 2016, p. 37.

[21]      Rebecca Urban, 'Corporate criminals escaping jail time', The Australian, 8 December 2015, as cited in The Justice and International Mission Unit of the Synod of Victoria and Tasmania, Uniting Church in Australia, Submission 39, p. 7.

[22]      Institute of Public Affairs, Submission 33, p. 3.

[23]      Commonwealth Director of Public Prosecutions, Submission 53, p. 3.

[24]      Australian Federal Police, Submission 54, p. 4. The AFP also noted that civil and administrative penalties are 'equally important' in addressing white-collar wrongdoing.

[25]      Mr Ian McCartney, Assistant Commissioner and National Manager, Organised Crime and Cyber, Australian Federal Police, Proof Committee Hansard, 6 December 2016, p. 49.

[26]      Mr Tim Mullaly, Senior Executive Leader, Australian Securities and Investments Commission, Proof Committee Hansard, 6 December 2016, p. 62; Mr Chris Savundra, Senior Executive Leader, Australian Securities and Investments Commission, Proof Committee Hansard, 6 December 2016, p. 63.

[27]      Mr Rowan Davis, Special Counsel, Chief Legal Office, Australian Securities and Investments Commission, Proof Committee Hansard, 6 December 2016, pp. 62–63.

[28]      Mr Rowan Davis, Special Counsel, Chief Legal Office, Australian Securities and Investments Commission, Proof Committee Hansard, 6 December 2016, p. 63.

[29]      Dr Juliette Overland, Private capacity, Proof Committee Hansard, 6 December 2016, pp. 26–27.

[30]      Banking and Finance Consumers Support Association, Submission 23, p. 6.

[31]      Banking and Finance Consumers Support Association, Submission 23, p. 11.

[32]      Banking and Finance Consumers Support Association, Submission 23, p. 12.

[33]      Ms Merilyn Swan, Submission 50, p. 8.

[34]      HNAB Action Group, Submission 41, p. 9.

[35]      Dr Mark Zirnsak, Director, Justice and International Mission Unit, Uniting Church in Australia, Synod of Victoria and Tasmania, Proof Committee Hansard, 6 December 2016, p. 4.

[36]      Dr Mark Zirnsak, Director, Justice and International Mission Unit, Uniting Church in Australia, Synod of Victoria and Tasmania, Proof Committee Hansard, 6 December 2016, p. 2.

[37]      Dr Mark Zirnsak, Director, Justice and International Mission Unit, Uniting Church in Australia, Synod of Victoria and Tasmania, Proof Committee Hansard, 6 December 2016, p. 4.

[38]      Queensland Law Society, Submission 31, p. 2.

[39]      Queensland Law Society, Submission 31, p. 2.

[40]      Mr Andrew Bushnell, Research Fellow, Institute of Public Affairs, Proof Committee Hansard, 6 December 2016, p. 8.

[41]      Institute of Public Affairs, Submission 33, p. 4.

[42]      Mr Andrew Bushnell, Research Fellow, Institute of Public Affairs, Proof Committee Hansard, 6 December 2016, p. 8. The IPA also submitted a copy of an IPA research essay, 'The use of prisons in Australia: Reform directions', which argues that Australia is over-incarcerating non-violent, low-risk offenders, in a manner that is disproportionate to the crimes committed, costly to the taxpayer, and ineffective in terms of deterring crime, rehabilitating offenders and providing restitution to victims. Institute of Public Affairs, Submission 139.

[43]      Mr Andrew Bushnell, Research Fellow, Institute of Public Affairs, Proof Committee Hansard, 6 December 2016, p. 10.

[44]      Mr Andrew Bushnell, Research Fellow, Institute of Public Affairs, Proof Committee Hansard, 6 December 2016, p. 8.

[45]      Mr Darcy Allen, Research Fellow, Institute of Public Affairs, Proof Committee Hansard, 6 December 2016, p. 9.

[46]      Professor Michael Adams, Dr Tom Hickie and Mr Ian Lloyd QC, Submission 5, p. 2.

[47]      Professor Michael Adams, Dr Tom Hickie and Mr Ian Lloyd QC, Submission 5, p. 3.

[48]      Professor Michael Adams, Dr Tom Hickie and Mr Ian Lloyd QC, Submission 5, p. 3.

[49]      Professor Michael Adams, Dr Tom Hickie and Mr Ian Lloyd QC, Submission 5, pp. 3­–4. The important of monetary penalties is covered in chapter six.

[50]      Professor Mirko Bagaric, Professor of Law, Swinburne University of Technology, Proof Committee Hansard, 6 December 2016, p. 20.

[51]      Professor Mirko Bagaric, Professor of Law, Swinburne University of Technology, Proof Committee Hansard, 6 December 2016, p. 21.

[52]      Professor Mirko Bagaric, Professor of Law, Swinburne University of Technology, Proof Committee Hansard, 6 December 2016, p. 27.

[53]      Professor Mirko Bagaric, Professor of Law, Swinburne University of Technology, Proof Committee Hansard, 6 December 2016, p. 30.

[54]      Institute of Public Affairs, Submission 33, p. 2.

[55]      Professor Mirko Bagaric, Professor of Law, Swinburne University of Technology, Proof Committee Hansard, 6 December 2016, p. 20.

[56]      Mr Rowan Davis, Special Counsel, Chief Legal Office, Australian Securities and Investments Commission, Proof Committee Hansard, 6 December 2016, pp. 62–63.

[57]      Mr Rowan Davis, Special Counsel, Chief Legal Office, Australian Securities and Investments Commission, Proof Committee Hansard, 6 December 2016, p. 63.

[58]      Dr Juliette Overland, Submission 9, p. 2.

[59]      Dr Juliette Overland, Submission 9, p. 7. Also see Dr Juliette Overland, Private capacity, Proof Committee Hansard, 6 December 2016, p. 25.

[60]      Queensland Law Society, Submission 31, p. 1.

[61]      Mr Shane Kirne, Practice Group Leader, Commercial Financial and Corruption, Commonwealth Director of Public Prosecutions, Proof Committee Hansard, 6 December 2016, pp. 56–57.

[62]      Mr Andrew Bushnell, Research Fellow, Institute of Public Affairs, Proof Committee Hansard, 6 December 2016, p. 10.

[63]      Mr Theo Alexander, Lecturer, Deakin University, Proof Committee Hansard, 6 December 2016, Proof Committee Hansard, 6 December 2016, p. 26.

[64]      Dr Mark Zirnsak, Director, Justice and International Mission Unit, Uniting Church in Australia, Synod of Victoria and Tasmania, Proof Committee Hansard, 6 December 2016, p. 7.

Chapter 5 - Banning orders and infringement notices

[1]        ASIC, Regulatory Guide 98 – Licensing: Administrative action against financial services providers [hereafter 'RG98'] (July 2013), p. 4. It might be noted here that AFS licensees may be a natural person, a partnership, a body corporate or a trustee. ASIC, RG98, p. 7.

[2]        For more detail on ASIC's administrative powers, see ASIC, RG98, pp. 7–11.

[3]        ASIC, RG98, p. 9.

[4]        HNAB Action Group, Submission 41, p. 9.

[5]        Mr Greg Golding, Chair, Foreign Corrupt Practices Working Group, Business Law Section, Law Council of Australia, Proof Committee Hansard, 6 December 2016, p. 15.

[6]        Mr Greg Golding, Chair, Foreign Corrupt Practices Working Group, Business Law Section, Law Council of Australia, Proof Committee Hansard, 6 December 2016, p. 16.

[7]        Australian Competition and Consumer Commission, Submission 40, p. 4.

[8]        Mr Marcus Bezzi, Executive General Manager, Competition Enforcement, Australian Competition and Consumer Commission, p. 68.

[9]        Australian Restructuring Insolvency and Turnaround Association (ARITA), Submission 32, p. 8.

[10]      Australian Restructuring Insolvency and Turnaround Association (ARITA), Submission 32, p. 9.

[11]      Australian Restructuring Insolvency and Turnaround Association (ARITA), Submission 32, p. 9.

[12]      Dr Juliette Overland, Submission 9, p. 8.

[13]      Dr Juliette Overland, Submission 9, pp. 2.

[14]      Dr Juliette Overland, Private capacity, Proof Committee Hansard, 6 December 2016, p. 19.

[15]      Dr Juliette Overland, Submission 9, p. 8. 

[16]      ASIC, webpage, 'Banned and disqualified', http://asic.gov.au/online-services/search-asics-registers/banned-and-disqualified/#whatinformation, accessed 10 March 2017.

[17]      ASIC, webpage, https://connectonline.asic.gov.au/HLP/SearchRegisters/sch-using-this-service/sch-whatyoucansearch/banned-and-disqualified/index.htm, accessed 10 March 2017.

[18]      Dr George Gilligan, Submission 35, pp. 2–3.

[19]      Dr George Gilligan, Submission 35, p. 3.

[20]      Australian Securities and Investments Commission, Information Sheet 151: ASIC's approach to enforcement [hereafter Information Sheet 151], p. 7.

[21]      Australian Securities and Investments Commission, Information Sheet 151, p. 7.

[22]      Australian Securities and Investments Commission, Submission 49, pp. 15–16.

[23]      Australian Securities and Investments Commission, Submission 49, pp. 15–16.

[24]      Australian Securities and Investments Commission, Submission 49, p. 16.

[25]      Australian Securities and Investments Commission, Submission 49, p. 15.

[26]      Mr Greg Golding, Chair, Foreign Corrupt Practices Working Group, Business Law Section, Law Council of Australia, Proof Committee Hansard, 6 December 2016, p. 15.

Chapter 6 - Monetary penalties and disgorgement

[1]        Australian Securities and Investments Commission, Submission 49, p. 14.

[2]        Australian Securities and Investments Commission, Submission 49, pp. 9–10.

[3]        Australian Securities and Investments Commission, Submission 49, p. 14.

[4]        Australian Securities and Investments Commission, Submission 49, p. 15.

[5]        Australian Securities and Investments Commission, Submission 49, p. 15.

[6]        Mr Chris Savundra, Senior Executive Leader, Australian Securities and Investments Commission, Proof Committee Hansard, 6 December 2016, p. 59.

[7]        Mr Greg Golding, Chair, Foreign Corrupt Practices Working Group, Business Law Section, Law Council of Australia, Proof Committee Hansard, 6 December 2016, p. 15.

[8]        Mr Greg Golding, Chair, Foreign Corrupt Practices Working Group, Business Law Section, Law Council of Australia, Proof Committee Hansard, 6 December 2016, p. 15.

[9]        Mr Stephen Mayne, Director, Australian Shareholders' Association, Proof Committee Hansard, 6 December 2016, p. 37

[10]      Australian Shareholders' Association, Submission 34, pp. 4­–5.

[11]      Dr Juliette Overland, Private capacity, Proof Committee Hansard, 6 December 2016, p. 19.

[12]      Australian Securities and Investments Commission, Submission 49, p. 7. For some criminal offences under the Criminal Code Act 1995 (the Criminal Code), corporate bodies face a maximum penalty that is set as a multiple of the benefit gained or, where the benefit cannot be determined, as a certain percentage of the annual turnover of the body corporate in the period the offending occurred. Attorney-General's Department, Submission 52, p. 10.

[13]      Mr Tim Mullaly, Senior Executive Leader, Australian Securities and Investments Commission, Proof Committee Hansard, 6 December 2016, p. 59; Mr Chris Savundra, Senior Executive Leader, Australian Securities and Investments Commission, Proof Committee Hansard, 6 December 2016, p. 59.

[14]      Dr Mark Zirnsak, Director, Justice and International Mission Unit, Uniting Church in Australia, Synod of Victoria and Tasmania, Proof Committee Hansard, 6 December 2016, p. 6.

[15]      The Justice and International Mission Unit of the Synod of Victoria and Tasmania, Uniting Church in Australia, Submission 39, p. 6.

[16]      The Justice and International Mission Unit of the Synod of Victoria and Tasmania, Uniting Church in Australia, Submission 39, p. 11.

[17]      Dr Juliette Overland, Submission 9, pp. 3, 9, 10.

[18]      Australian Shareholders' Association, Submission 34, p. 2.

[19]      NSW Young Lawyers Business Law Committee, Submission 137, p. 7.

[20]      Tasmanian Small Business Council, Submission 42, p. 7.

[21]      Australian Securities and Investments Commission, Submission 49, pp. 7–8.

[22]      Professor Michael Adams, Dr Tom Hickie and Mr Ian Lloyd QC, Submission 5, pp. 4­–5.

[23]      Professor Michael Adams, Dr Tom Hickie and Mr Ian Lloyd QC, Submission 5, p. 5.

[24]      Banking and Finance Consumers Support Association, Submission 23, p. 15.

[25]      Attorney-General's Department, Submission 52, pp. 10–11.

[26]      Australian Financial Security Authority, Submission 25, p. 2.

[27]      Australian Financial Security Authority, Submission 25, p. 3.

[28]      Australian Financial Security Authority, Submission 25, p. 3.

[29]      Australian Securities and Investments Commission, Submission 49, p. 10.

[30]      Australian Securities and Investments Commission, Submission 49, p. 10.

[31]      Attorney-General's Department, Submission 52, p. 10.

[32]      Attorney-General's Department, Submission 52, p. 11.

[33]      Attorney-General's Department, Submission 52, p. 11.

[34]      Australian Federal Police, Submission 54, p. 9.

[35]      Australian Federal Police, Submission 54, p. 10.

[36]      Australian Securities and Investments Commission, Submission 49, p. 16.

[37]      Mr Chris Savundra, Senior Executive Leader, Australian Securities and Investments Commission, Proof Committee Hansard, 6 December 2016, p. 60.

[38]      Australian Securities and Investments Commission, Submission 49, p. 16.

[39]      Australian Securities and Investments Commission, Submission 49, p. 10.

[40]      Australian Securities and Investments Commission, Submission 49, p. 17.

[41]      Australian Securities and Investments Commission, Submission 49, p. 17.

[42]      ASIC, Report 387, p. 19.

[43]      Australian Securities and Investments Commission, Submission 49, p. 16.

[44]      Dr Mark Zirnsak, Director, Justice and International Mission Unit, Uniting Church in Australia, Synod of Victoria and Tasmania, Proof Committee Hansard, 6 December 2016, p. 6.

[45]      Dr Juliette Overland, Submission 9, p. 10. Also see Dr Juliette Overland, Private capacity, Proof Committee Hansard, 6 December 2016, p. 19.

[46]      Mr Greg Golding, Chair, Foreign Corrupt Practices Working Group, Business Law Section, Law Council of Australia, Proof Committee Hansard, 6 December 2016, p. 15.

[47]      Australian Shareholders' Association, Submission 34, p. 2.

[48]      Mr Stephen David Mayne, Director, Australian Shareholders' Association, Proof Committee Hansard, 6 December 2016, p. 38.

[49]      NSW Young Lawyers Business Law Committee, Submission 137, p. 3.

[50]      Ms Kelly Williams, Assistant Secretary, Criminal Law Enforcement Branch, Attorney-General's Department, Proof Committee Hansard, 6 December 2016, p. 45.

Additional comments from the Australian Greens

[1]        The Justice and International Mission Unit of the Synod of Victoria and Tasmania, Uniting Church in Australia, Submission 39, p. 9.