The Taskforce forms part of the Fraud and Anti-Corruption Centre, which is led by the AFP. Offences targeted by the Taskforce relate to serious fraud, money laundering and defrauding the Commonwealth. Current priorities include: criminality related to international tax evasion, fraudulent phoenix activity, trusts and superannuation.
Research the topic of phoenix activity and respond to the following questions:
- What is meant by the term ‘phoenix activity’?
- Can phoenix activity be beneficial to society? If so, how?
- What purpose is behind phoenix activity? Can there be more than one purpose?
- Who benefits from phoenix activity and who loses? Give reasons.
- Is there a section of the Corporations Act 2001 (Cth) that specifically prohibits phoenix activity? If so, which section?
- Are there sections of the Corporations Act 2001 which may be breached by phoenix activity? If so, identify at least two sections.
- Identify (and correctly cite) at least one case in which phoenix activity was considered. What were the main issues and what was the decision?
- Do you think prohibiting phoenix activity by creating a phoenix offence, or a phoenix prohibition is likely to be successful? Why, or why not?
- How could an offence or prohibition be structured?