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Senate Inquiry tomorrow: Should bank executives go to jail when their banks perpetuate white-collar crimes?

Media Release
Peter Whish-Wilson 5 Dec 2016

Greens Treasury spokesperson, Senator Peter Whish-Wilson, will be attending the white-collar crime Senate Inquiry hearing tomorrow in Melbourne [information below] and will be asking criminologists and regulators, “How tough do we have to make penalties to help stop endemic financial misconduct in Australia’s financial system?”

Senator Whish-Wilson said, “In Iceland, they held the bank Chairmen and CEOs responsible for the fraud and market manipulation that was carried out in their name by the bank staff, during the global financial crisis; and they were sent to jail.

“In Australia, the bank CEOs and Chairmen get to dismiss widespread wrongdoings as the work of a few bad apples and have escaped scandal after scandal without any personal penalty. In fact, some CEOs have been shamelessly trying-on the notion that they deserve customer service bonuses.

“During the last term of Parliament I moved a motion in the Senate to establish an Inquiry into penalties for white-collar crime because there was a recommendation from the earlier ASIC Senate Inquiry to independently examine this issue and this was never acted upon by government.

“Tomorrow, we will hear from the major regulators and expert criminologists about what sort of penalties we need to stem the tide of corporate misbehaviour.

“During the election campaign the Greens were the only party to release a comprehensive policy to increase penalties for fraud and misconduct,” he concluded.

---ENDS---

INQUIRY INFORMATION:

ECONOMICS REFERENCES COMMITTEE
Criminal, civil and administrative penalties for white collar crime

PUBLIC HEARING
Tuesday 6 December 2016
Stamford Plaza Melbourne
111 Little Collins Street, Melbourne

9.00 am The Justice and International Mission Unit of the Synod of Victoria and Tasmania
Dr Mark Zirnsak, Director

9.30 am Institute of Public Affairs
Mr Darcy Allen, Research Fellow
Mr Andew Bushnell, Research Fellow

10.00 am Law Council of Australia
Mr Greg Golding, Chair, Foreign Corrupt Practices Working Group of the Business Law Section

10.30 am Panel:
Dr Juliette Overland, Senior Lecturer, Business Law, University of Sydney
Professor Fiona Haines, Criminology, University of Melbourne
Professor Mirko Bagaric
Mr Theo Alexander
Ms Jenny Awad

11.30 am Australian Financial Security Authority
Mr Paul Shaw, National Manager, Regulation and Enforcement
Mr Andrew Sellars, General Counsel

12.00 pm Australian Shareholders' Association
Mr Stephen Mayne, Director

1.30 pm Attorney General's Department
Ms Kelly Williams, Assistant Secretary, Criminal Law Policy Branch
Mr Tom Sharp, Acting Director, Criminal Law Reform Section
Australian Federal Police
Mrs Elsa Sengstock, Coordinator, Legislation Program
Assistant Commissioner Ian McCartney, National Manager, Organised Crime and Cyber

2.30 pm Commonwealth Director of Public Prosecutions
Mr Shane Kirne, Practice Group Leader, Commercial Financial & Corruption
Ms Vicky Argitis, Acting Assistant Director, Legal Business Improvement
Ms Fiona Thompson, Practice Group Co-ordinator, Commercial Financial & Corruption

3.00 pm Australian Securities and Investments Commission
Mr Tim Mulally, Senior Executive Leader
Mr Rowan Davis, Special Counsel
Mr Chris Savundra, Senior Executive Leader

3.50 pm Australian Competition and Consumer Commission
Mr Marcus Bezzi, Executive General Manager, Enforcement Division
Mr Nicolas Heys, Director, Enforcement Coordination
Mr Ian Lawrence, Director, Law Reform and Competition Advocacy

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