TI Australia and the Synod of Victoria and Tasmania, Uniting Church focus in this submission on critical aspects of legislation including director identification numbers and ASIC’s regulatory powers.
Due diligence
Who benefits from the company behind the company? The public has a right to know.
Who benefits from the company behind the company? The public has a right to know.
Screening the companies and the people who benefit and control them is a key measure to protect the mining sector from corruption.
The Pandora Papers lay bare the need for much greater scrutiny of offshore corporate structures, and the flaws in Australia’s own corporate registry system.
TIA strongly supports strengthening Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) regime. This inquiry is a critical opportunity to review the adequacy and efficacy of Australia’s AML/CTF regime.
Federal Ministerial Standards and political integrity are once again put to the test with conflicts of interest and undue influence at risk.
The Financial Action Task Force is considering potential amendments to Recommendation 24 on the transparency and beneficial ownership of legal persons.
Australia’s lax corporate registry system enables companies with a poor business integrity track record to use Australia as a launching pad for corrupt activities in the Pacific.
Businesses need both a corruption and human rights due diligence process, whereby they identify, prevent and address their adverse human rights impacts. This is the only way to ensure full realisation and enjoyment of human rights and help tackle corruption.