Three bills currently before the Australian Parliament this Spring sitting involve a major reform of regulation for corporate crime in Australia. Due to commence from 1 January 2019, the changes in director responsibility for detecting and preventing white collar crime offenses represent a radical shift in what is expected of companies and their directors.
The bills set to receive assent will see corporate penalties for misconduct increase tenfold, will require directors to actively take steps to prevent foreign bribery offences and will require companies to have in place mandatory whistleblower processes to deal with new types of disclosures, or risk a penalty for non-compliance.
Partner Ben Allen highlights the consequences of these reforms in the video below and explores 10 key elements of a robust whistleblower policy in this infograpic.
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