Jacinta Collins (Victoria, Australian Labor Party, Shadow Cabinet Secretary) Share this | Hansard source

Labor will not be supporting the amendments moved by Senator Whish-Wilson—I will address all the amendments at this point—as we too believe the bill as drafted is fit for purpose and satisfies the intent to create two new offences of false dealing with accounting documents to implement Australia's obligation as part of the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions. Article 8 of the convention requires parties to create offences of false accounting for the purposes of concealing or enabling bribes to a foreign public official.

We believe the amendments from Senator Whish-Wilson are not necessary to achieve the aim of schedule 2 and, while the concerns he raises are laudable, I take on board the comments of Senator Canavan for the government in terms of the referrals involved and the need to deal with appropriate processes to further these issues. Senator Whish-Wilson, we do not put aside the concerns you raise here, but unfortunately them being raised at this stage, and here and now being the first opportunity that we have had any detailed canvassing of the nature of these amendments, leaves us in the position where we think it is appropriate that more time be taken to look at those issues. As has been pointed out, any changes to the Corporations Act would require consultation.

We note that the Senate inquiry into the bill found that the provisions would not only support Australia's compliance with its international obligations but actually go further in helping to combat a range of financial crimes. Labor agrees that the breadth of the proposed offences and the potentially serious penalties for those who commit them are appropriate in the current circumstances. That said, in the longer term and after due consultation, the issues that you raise may merit further consideration.