Any legislative changes which reduce the Australian Securities and Investments Commission's (ASIC's) ability to access telecommunications data by warrant carry with them the danger of exposing Australian consumers to increased risk of illegalities such as Trio/Astarra.
That is the warning conveyed by ASIC to the Joint Parliamentary Committee reviewing the legislative changes contained in the Intelligence and Security: Telecommunications (Interception and Access) Amendment (Data Retention) Bill.
ASIC Commissioner, Greg Tanzer has told the Parliamentary Committee that it is imperative that ASIC retains its existing powers because to do otherwise would expose Australian consumers to increased risk.
"The white collar crimes ASIC pursues pose significant threats to Australia's economic security and Australians' financial wellbeing," Tanzer said and specifically nominated superannuation-related fraud as an area for concern.
"Australia's growing superannuation pool, now standing at $1.87 trillion, has been targeted by criminal elements in the past, and the physical harm and mental anguish suffered by victims of fraud and white collar crime is vast and ongoing, as demonstrated by the collapse of the Trio superannuation funds," he said.
Tanzer claimed that ASIC had important criminal law enforcement functions which it could only perform if it has the right tools.
"ASIC has grave concerns the Bill in its current form could compromise ASIC's investigation powers, and increase the threat to Australians of financial crime," he said.
Elsewhere in its verbal evidence to the Parliamentary committee, ASIC acknowledged that the rapid development of online technologies and social media were making it more difficult for the regulator to do its job.
ASIC markets enforcement senior executive, Chris Savundra acknowledged that the organisation's task was becoming more difficult particularly as a result of online chat and VPNs.
