ASIC may yet pursue Iraq bribery breaches
The Australian Securities and Investments Commission (ASIC) has sought to clarify its decision not to pursue directors of the Reserve Bank of Australia subsidiaries Securency and Note Printing Australia, claiming it will now consider matters relating to the Iraq bribery allegations.
However, in doing so, it said it "must be stressed that a six-year statute of limitations applies to civil penalty cases".
The ASIC clarification came as financial planners and others were highly critical of not only its decision not to pursue action against the former directors but its citing of prosecutions against financial planners and fund managers as examples of its regulatory effectiveness.
Claiming that some sections of the media may have misinterpreted its approach, the ASIC clarifying statement said the 10,000 pages of documents provided to it by the Australian Federal Police which had formed the basis of its decision not to pursue action had related to Indonesia, Malaysia, Vietnam and Nepal, rather than Iraq.
"The Iraq bribery allegations will be considered but it must be stressed that a six-year statute of limitations applies to civil penalty cases," the regulator's statement said.
Recommended for you
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.