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Can You Maintain Privilege Over Documents Voluntarily Disclosed To ASIC?

Apr 19, 2024 | mondaq.com | Andrew Eastwood |Bryony Adams |Maritsa Samios |Stephanie Crosbie

As ASIC continues to exercise its broad-ranging enforcement powers, companies are regularly asked to provide sensitive material to the regulator including documents covered by legal professional privilege. Under the present statutory framework, ASIC has no power to compel the production of privileged material.
Herbert Smith Freehills

Apr 19, 2024 | mondaq.com | NSW Legislates Short |Andrew Eastwood |Bryony Adams |Maritsa Samios

CONTRIBUTING SINCE MAY 2000 Herbert Smith Freehills POPULAR TOPICS Litigation, Mediation & Arbitration Corporate/Commercial Law Finance and Banking Employment and HR Technology
Can you maintain privilege over documents voluntarily disclosed to ASIC?

Apr 15, 2024 | lexology.com | Andrew Eastwood |Bryony Adams |Maritsa Samios |Stephanie Crosbie

As ASIC continues to exercise its broad-ranging enforcement powers, companies are regularly asked to provide sensitive material to the regulator including documents covered by legal professional privilege. Under the present statutory framework, ASIC has no power to compel the production of privileged material.
Austrac v Crown judgment: key points of interest for reporting entities in Australia’s anti-money laundering / counter-terrorism financing regime

Jul 12, 2023 | lexology.com | Danielle Briers |Maritsa Samios |Bryony Adams

The Federal Court of Australia has approved a settlement between AUSTRAC and both Crown Melbourne and Crown Perth (Crown), resulting in a $450 million penalty for breaches of the (the Act). This case contains many points of interest for reporting entities and highlights the criticality of robust risk assessment and meaningful Board/senior management oversight in AML/CTF programs.
AUSTRAC v Crown judgment: Key points of interest for reporting entities in Australia’s Anti-Money Laundering / Counter-Terrorism Financing regime

Jul 11, 2023 | herbertsmithfreehills.com | Danielle Briers |Anti-Money Laundering |Maritsa Samios

KEY POINTS On 11 July 2023, the Federal Court of Australia handed down its judgment in CEO of AUSTRAC v Crown Melbourne Limited & Anor [2023] FCA 782. Justice Lee of the Federal Court approved the settlement reached between Crown and AUSTRAC, including a penalty figure that the parties had calculated at $450 million, based on breaches of ss 36 and 81 of the Act, although seemingly not without some considerable hesitation.