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You can find the current article at its original source at https://www.theguardian.com/australia-news/2017/aug/06/nick-xenophon-bank-ceos-should-face-jail-if-found-guilty-of-money-laundering
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| Version 3 | Version 4 |
|---|---|
| Nick Xenophon: bank CEOs should face jail if found guilty of money laundering | Nick Xenophon: bank CEOs should face jail if found guilty of money laundering |
| (13 days later) | |
| Bank CEOs, executives and directors could be jailed if found to be recklessly breaching the law under a proposal being touted by a crossbench senator. | Bank CEOs, executives and directors could be jailed if found to be recklessly breaching the law under a proposal being touted by a crossbench senator. |
| Nick Xenophon believes fines are sometimes not enough, citing the 53,000 “egregious” offences being levelled against the Commonwealth Bank. | Nick Xenophon believes fines are sometimes not enough, citing the 53,000 “egregious” offences being levelled against the Commonwealth Bank. |
| The South Australian senator said the allegations that they failed to comply with anti-money laundering and counter-terrorism financing laws were damning and suggested an “appalling lack of risk management” and almost a “contemptuous disregard for the law”. | The South Australian senator said the allegations that they failed to comply with anti-money laundering and counter-terrorism financing laws were damning and suggested an “appalling lack of risk management” and almost a “contemptuous disregard for the law”. |
| The federal government’s financial intelligence unit, Austrac, has launched civil proceedings against CBA in the federal court. | The federal government’s financial intelligence unit, Austrac, has launched civil proceedings against CBA in the federal court. |
| “They made a lot of money out of this and sometimes a fine is not enough,” Xenophon told reporters in Canberra on Sunday. “Sometimes a jail term needs to be on the agenda.” | “They made a lot of money out of this and sometimes a fine is not enough,” Xenophon told reporters in Canberra on Sunday. “Sometimes a jail term needs to be on the agenda.” |
| He is working with colleagues on the issue and will consider introducing a private bill to ensure there is a chain of responsibility for big corporations. | He is working with colleagues on the issue and will consider introducing a private bill to ensure there is a chain of responsibility for big corporations. |
| The buck stops with the CEO and the board, he said. | The buck stops with the CEO and the board, he said. |
| “Right now, getting a multimillion dollar fine for the Commonwealth Bank is really a bit like being slapped with a piece of wet lettuce,” he said. | “Right now, getting a multimillion dollar fine for the Commonwealth Bank is really a bit like being slapped with a piece of wet lettuce,” he said. |
| “If you’re fair dinkum about changing the culture of an organisation, sometimes the spectre of a jail term might sharpen their thinking.” | “If you’re fair dinkum about changing the culture of an organisation, sometimes the spectre of a jail term might sharpen their thinking.” |
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| Nick Xenophon | Nick Xenophon |
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