Given the very well documented use of casinos for money laundering in Australia and around the world, the decision by the Royal Commission begs the question – What crime does a casino operator need to commit in order to have a licence cancelled?
TIA is pleased to submit some brief comments in response to the Data Economy Unit consultation paper on the proposed amendments to The Corporations Act 2001 (Corporations Act) for the Modernising Business Registers (MBR) Program.
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.
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.
A stronger corporate regulatory system requires proper due diligence checks into the integrity, character and track record of directors and entities.
Australia has inadequate corporate regulatory systems. This enables people who have been involved in corruption to register companies in Australia.
Mining will play a significant role in the COVID and post-pandemic period as countries look to drive their economic recovery via the resources sector.
Business, multi-lateral institutions and civil society must give greater consideration to the nexus between corruption and human rights.
Social licence to operate is regarded as the top business risk. A company’s ability to demonstrate business integrity is increasingly essential for the success of its projects.