Chalmers urged to pull the leash on ASIC – 28 July 2025
Former corporate cop James Shipton says Treasurer Jim Chalmers’ failure to issue a statement of expectations to the Australian Securities and Investments Commission and lack of oversight by parliamentary committees is allowing ASIC to avoid accountability for enforcement actions against business. Shipton backed remarks by former Treasury secretary Martin Parkinson, who said aggressive corporate regulators were hurting the economy with a “gotcha” approach, and that their administrative red tape was stifling investment.
https://www.afr.com/policy/economy/chalmers-urged-to-pull-in-the-leash-on-asic-20250728-p5mib5
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Scammers, fraudsters and the tax office’s missing $50 billion – 28 July 2025
The ATO is one of the most powerful and secretive institutions in the country, but for years, it’s operated without effective scrutiny. In this major Four Corners investigation, award-winning financial journalists reveal how inaction and flawed systems have allowed more than $50 billion in tax to go uncollected. They unpick how a simple scam, supercharged on social media, saw tens of thousands of Australians fraudulently claim at least $2 billion in GST refunds. They also show how corporate operators extracted millions more through fake invoices and phantom construction projects, often without triggering even basic checks. And they expose how deep cuts, digital automation and a lack of independent oversight has left one of Australia’s most powerful institutions wide open to exploitation.
https://www.youtube.com/watch?v=lCNsluZrbvU
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Banks to refund millions in fees to more than 700,000 customers – 29 July 2025
ASIC last year said Commonwealth Bank, ANZ Bank, Westpac and Bendigo and Adelaide Bank would provide to people on low incomes, particularly First Nations customers, after a review found the customers had been kept in high-cost products even though they were eligible for lower-cost accounts. Since that report, refunds went up to $33 million, and ASIC has widened its work with banks to look at the effect on all low-income customers from charges including dishonour, overdraw and account-keeping fees. It brings the total payout to customers receiving government concession payments, whom ASIC said were typically known as “low-income customers”, to $93 million.
Too good to be true: Sydney exec testifies in $253m Perth fraud trial – 29 July 2025
The investors who entrusted him with more than a quarter of a billion dollars say Chris Marco held himself out to be an experienced businessman – a leprechaun who could take them to the pot of gold at the end of the rainbow. Only there was no pot of gold, prosecutor Steven Whybrow, SC, told the Western Australian Supreme Court, just a flimsy scheme kept afloat by the flow of funds being used to pay off old investors that was taking on water fast.
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ASIC doubles investigations into advisers after $1b failures – 30 July 2025
The corporate regulator says the $4.2 trillion superannuation industry is a honeypot for bad actors hoping to scam unsuspecting consumers out of their life savings and has doubled the number of investigations into misconduct by financial advisers over the past year. Australian Securities and Investments Commission chairman Joe Longo said the sharp rise in misconduct risked “damaging trust in a system as a whole”, sparking further legislative and regulatory intervention.
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Australian gambling giant Mounties taken to court over alleged AML breaches – 30 July 2025
AUSTRAC has launched civil proceedings against Mount Pritchard & District Community Club, known as Mounties, accusing it of serious breaches of AML (anti-money laundering) laws. The regulator filed the case in the Federal Court, alleging that Mounties failed to manage the risk of criminals laundering money through its poker machines. Mounties operates 10 venues in New South Wales, eight of which run about 1,400 machines.
Forward together: Addressing misconduct in financial services – 30 July 2025
Article is the keynote address by ASIC Chair Joe Longo at the FSC Symposium ‘Shaping Advice in a Time of Change’ on 30 July 2025. Joe Longo explains how ASIC is working to make the Australia’s superannuation system safer for consumers and how consumers can their part.
Alleged ringleaders behind defrauding banks for luxury cars, homes and business loans face almost 200 charges – 31 July 2025
Two Sydney men — aged 34 and 38 — have been charged as the alleged ringleaders of a scam defrauding banks out of tens of millions of dollars. Police allege the two men, were at the head of a syndicate that began by using stolen identification to apply for loans to purchase luxury “ghost cars” that did not exist. Two Bentleys and a Ferrari were among the $38 million in assets seized by NSW Police. The pair have been denied bail and are due to appear in court.
Bank insiders involved in alleged $178m Ponzi scheme – 31 July 2025
The accused ringleaders of a large-scale fraud and money laundering scheme allegedly used stolen personal information to apply for home and business loans with the help of trusted industry insiders to defraud several major banks and financiers of $178 million over seven years. Police allege that 38-year-old Bing “Michael” Li and 34-year-old Yizhe “Tony” ran a major crime syndicate before they were arrested by Strike Force Myddleton detectives in sweeping raids across Sydney.
It’s time to talk about AI and national security – 31 July 2025
The federal government has recently introduced legislation to extend the looming sunset clause on compulsory questioning powers originally granted to the Australian Security Intelligence Organisation (ASIO) following the 9/11 terrorist attacks. The nature of the threat posed by terrorism is now seen more objectively with the benefit of hindsight, and the wide recognition that repressive counter-terrorism measures potentially pose a far greater threat to democracies and social cohesion than isolated terrorism incidents. The federal government’s action in seeking to extend ASIO’s executive powers, is discussed in this paper by Bill Calcutt.
https://johnmenadue.com/post/2025/07/its-time-to-talk-about-ai-and-national-security/
Corporate wrongdoing and what insurance can do about it – 31 July 2025
Across Australia’s business landscape, regulators are wielding their sword through an increasing number of investigations and penalties. From workplace safety issues to climate disclosure failures and misleading products, firms are being held to account, including individual directors. The penalties can run into millions of dollars and their insurability can be a major issue for firms and their insurers. According to global broker Marsh, whether insurance will cover these penalties “is frequently far from clear” and is discussed in this article.
Review of Australia’s whistleblower scheme clocks more public sector inquiries – 1 August 2025
A review of the Public Interest Disclosure Act 2013 (PID act) tabled in parliament this week reports recent reforms are working as planned. According to the Commonwealth ombud, whistleblower disclosures under the PID scheme are being made and, where appropriate, allocated and investigated. Overall, 355 disclosures were received by agencies, 100 of which were allocated for investigation. Many finalised within an acceptable period.
