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Recommendations
Recommendation 1
2.47 The
committee recommends that the government review the operations and outcomes of
each law enforcement taskforce approximately 12 months prior to its conclusion
in order to determine whether it should be made an ongoing taskforce.
Recommendation 2
2.55 The
committee recommends that the government introduce amendments to the Crimes
(Currency) Act 1981 to give the RBA administrative responsibilities and the
AFP law enforcement responsibilities with respect to counterfeit note
collections and investigations.
Recommendation 3
3.34 The
committee recommends that subject to appropriate safeguards including adequate
privacy and oversight arrangements, the government designate the ATO as a
'criminal law-enforcement agency' under the Telecommunications (Interception
and Access) Act 1979, for the purpose of protecting public finances from
serious criminal activities such as major tax fraud.
Recommendation 4
3.59 The
committee recommends the Government consider the extension of the AML/CTF
regulations to cover 'second tier' professions in the current Anti‑Money
Laundering and Counter-Terrorism Financing Act 2006 review.
Recommendation 5
3.67 The
committee recommends the government introduce amendments to the Australian
Crime Commission Act 2002 to enable AUSTRAC to become a full member of the
ACC Board.
Recommendation 6
4.16 The
committee recommends that the government review the penalties prescribed under
financial services legislation administered by ASIC, with a view to achieving a
better balance between non-compliance by licensed operators and unlicensed
operations.
Recommendation 7
4.22 The
committee recommends that ASIC consider and then implement mechanisms to make
its response to internet-based financial related crimes far more expeditious.
Recommendation 8
4.27 The
committee recommends that the Australian National Audit Office conduct a
performance audit of ASIC's technological capacity, and provide a report to the
Parliament outlining ASIC's technological requirements and capabilities, and
the extent to which any deficiencies may hamper ASIC's regulatory
responsibilities.
Recommendation 9
4.29 The
committee recommends that ASIC strive to improve its relationships with the
private sector in order to better detect and deter financial related crimes.
Recommendation 10
4.45 The
committee recommends that AUSTRAC consider and then implement mechanisms to
increase its regulatory oversight of the activities of unregistered remitters.
Recommendation 11
6.53 The
committee recommends the Attorney-General's Department review the arrangements
for victims of identity crime to obtain a Commonwealth victim certificate.
Recommendation 12
6.64 The
committee recommends that financial institutions which issue debit and credit
cards create an 'opt in' function that requires customers to consent to
contactless payment technology features being activated on their cards.
Recommendation 13
7.46 The
committee recommends the government fund targeted financial literacy education
programs for Indigenous communities. These programs must be translated into
local Indigenous languages, be specific to the local community circumstances
and be delivered in a culturally appropriate manner.
Recommendation 14
7.63 The
committee recommends the government implement the recommendations from the
National Indigenous Intelligence Task Force report relating to the prevention
of financial crime and improved governance in Indigenous organisations.
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