Government responds to Cole Inquiry AWB Report

The Commonwealth Government has issued its response to the Cole Inquiry Report tabled on 27 November 2006.

The Government has accepted the Cole Report’s recommendations and in response will introduce legislation:

  • requiring applicants for licences to import or export under United
    Nations sanctions to provide information to the Government; criminal
    penalties will apply for giving false or misleading information;
  • creating a new offence for breaching UN sanctions;
  • giving Government agencies the power to obtain evidence about
    suspected evasion of sanctions so they can be referred to law
    enforcement agencies;
  • strengthening laws aimed at bribery of foreign officials; and
  • making tax laws consistent with foreign bribery laws.

The penalty for a breach will be up to three times the value of the
offending transaction and up to 10 years’ jail for individuals.

Print Friendly, PDF & Email

Your Compliance Support Plan

We understand you need a cost-effective way to keep up to date with regulatory changes. Talk to us about our fixed price plans.