Taskforce should focus on super frauds
A peak superannuation industry body is urging the Serious Financial Crime Taskforce to have an investigative body that will crack down on those committing superannuation frauds.
The Australian Institute of Superannuation Trustees made the point while welcoming Treasurer Joe Hockey's announcement of the taskforce, saying that addressing super, investment fraud, identity crime and tax evasion would help boost consumer trust in financial services.
AIST chief executive, Tom Garcia, said the taskforce is also important to build trust around the super system.
"It's important that consumer protections are underpinned by a strong investigative body that will investigate and prosecute those committing superannuation frauds — ensuring the integrity of the financial services system," he said.
Garcia also said multiple agencies joining hands to form the taskforce will result in better outcome.
The Serious Financial Crime Taskforce includes the Australian Taxation Office, Australian Crime Commission, Australian Federal Police, Attorney-General's Department, Australian Transaction Reports and Analysis Centre, Australian Securities and Investments Commission, Commonwealth Director of Public Prosecutions and Australian Customs and Border Protection Services.
The Federal Government announced yesterday it will provide $127.6 million over four years to fund the investigations.
AUTHOR
Malavika Santhebennur
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