Transparency International Australia supports the creation of a central register to record beneficial ownership information.
Accountable Government
Transparency International Australia supports the creation of a central register to record beneficial ownership information.
From Ukraine to Tunisia and Brazil, large-scale cases of grand corruption in recent years have involved the acquisition of luxury property, vehicles and goods. This report examines the risk of luxury goods and assets being used to launder the proceeds of corruption, including in the art world and the marketplaces for super-yachts, precious stones and jewels, high-end apparel and accessories, and real estate.
We want to ensure public interest whistleblowing is facilitated, protected and acted on in Australia – as a key plank of corruption detection and resilience for organisations and employees alike, across the public, business and civil society sectors.
In the time available, we write to affirm our support for extending AML/CTF regulation, taking a risk-based approach to a range of services provided by the legal profession that are seen to pose high ML/TF risks. We acknowledge that, in doing so, increased funding of AUSTRAC will be important to enable it to conduct the essential supervision.
The real estate market has long provided a way for individuals to secretly launder or invest stolen money and other illicitly gained funds. Not only do expensive apartments in New York, London or Paris raise the social status of their owners and enhance their luxurious lifestyles, but they are also an easy and convenient place to hide hundreds of millions of dollars from criminal investigators, tax authorities or others tracking criminal behaviour and the proceeds of crime.
To ensure Australia has effective legal and institutional capacities for preventing, detecting, exposing and remedying (including by prosecution) official corruption and corruption risks at all levels of government – especially through appropriate independent agencies.
The Australia Government needs to ensure that the massive sums involved in public procurement are not vulnerable to corruption. It can do this by guaranteeing procurement information is accessible and that procurement processes are clearly specified and followed.
Bribery of public officials – or the giving or promise of any valuable consideration to an official, in order to influence or corrupt their performance of an official or public duty – is well recognized as one of the most direct and damaging forms of corruption, worldwide.
We want to ensure greater transparency and real time disclosure of political donations and funding – as a means of strengthening trust in Australian election processes and representative government.