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Turnbull must fund prosecutor to crack down on corporate crime



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THE HON MARK DREYFUS QC MP

SHADOW ATTORNEY-GENERAL

SHADOW MINISTER FOR NATIONAL SECURITY

MEMBER FOR ISAACS

CLARE O’NEIL MP

SHADOW MINISTER FOR FINANCIAL SERVICES

SHADOW MINISTER FOR JUSTICE

MEMBER FOR HOTHAM

TURNBULL MUST FUND PROSECUTOR TO CRACK DOWN ON CORPORATE

CRIME

Labor is calling on the Government to match our commitment of $25 million to

establish a Corporate Crime Taskforce, to equip the Commonwealth Public

Prosecutor to respond to recommendations for criminal prosecution which stem

from the Banking Royal Commission.

The Royal Commission is shining a light on deep problems in our banking sector,

uncovering appalling instances of misconduct - including potential criminal activity.

This week, it was reported that the Royal Commission uncovered that National

Australia Bank is under investigation for more than 100 potential criminal breaches

of the Corporations Act. In addition, the Banking Royal Commissioner asked if

super funds that charged their customers fees for no service - instances of which

were before the Royal Commission this week - could face criminal sanctions.

That’s just this week. In all likelihood, there is much more to come.

The public prosecutor must have the resources it needs to respond to

recommendations arising out of the Royal Commission. Yet under the Liberals, the

Commonwealth Public Prosecutor has suffered significant budget cuts and a 23

per cent reduction in staff levels over the six years to 2016-17. And under this

year’s budget, funding for their critical work, prosecuting crimes, was forecast to

fall by a staggering $11 million on current levels over forward estimates.

It is absolutely vital that any recommendations for prosecution coming out of the

Royal Commission are properly pursued.

Corporate criminals must brought to justice. Every other Australian company is

expected to abide by the laws or face the consequences. If criminal conduct is

proven, so must our big banks.

Instead of giving the big banks a $17 billion tax cut, the Government should match

Labor’s commitment for a Corporate Crime Taskforce.

FRIDAY, 10 AUGUST 2018

MEDIA CONTACT:

JOANNA HEATH - 0427 915 633 (DREYFUS)

ALICE CRAWFORD - 0419 555 635 (O’NEIL)