Wednesday, 28 November 2018
Australian Self Incrimination Commission?
ASIC review finds unacceptable delays by financial institutions in reporting, addressing and remediating significant breaches I was very surprised to read ASIC's report criticising financial institutions for not reporting their illegal conduct to ASIC. Isn't it incumbent on ASIC to uncover breaches of the law itself rather than relying on businesses to turn themselves in? I also wonder whether ASIC has considered the possibility that businesses are deciding not to turn themselves in because they are pretty confident that ASIC aren't going to catch them! During my 15 years at the ACCC I can recall maybe a half dozen cases where a business came in to admit its illegal conduct. A voluntary admission from a business was seen very much as the exception rather than the rule. It looks to me like ASIC may be sitting back just waiting for "mea culpas", rather than going out and doing the hard investigatory yards needed to establish a contravention.