– Superannuation assets have become a target of organised crime gangs.
Australian Crime Commission chief executive John Lawler said the internet gave the gangs the capacity to reach into the home of every Australian and attempt to seize their personal wealth.
The ACC’s latest report on organised crime found sophisticated crime networks were a major threat to the superannuation industry.
“Organised crime involvement in superannuation fraud in Australia May be more significant than previously thought,” it says.
The biggest threat has traditionally been from rogue individuals working at super funds.
But well sourced and sophisticated gangs, drawn by the $1.3 trillion in superannuation assets, were now setting up dodgy investment funds or enticing those with self-managed funds to invest in fraudulent schemes.
Mr Lawler told the Herald Sun: “What we’ve got in Australia is an affluent society with a superannuation pool that is growing significantly, relative to other parts of the world.
“We’ve got an arrangement where we have quite a large self-managed super fund industry, where people have access to their own superannuation savings,with maybe not the levels of sophistication that would come with industry funds,” Mr Lawler said.
The ACC estimates that organised crime costs Australia at least $15 billion a year. And credit card investment and superannuation fraud are among the major threats to the national economy.
Taskforce Galilee, which investigates investment frauds, had given the ACC “a pretty good understanding that this is a high risk area for Australia,” mr Lawler said.
And Taskforce Chamonix uncovered how international organised crime groups were stealing account holders’ PINs by installing skimming devices and hiding cameras in and around EFTPOS machines.
Criminals had also exploited information obtained via direct marketing lists – information volunteered by people answering marketing surveys – to assess targets for investment frauds.
The ACC is also warning that businesses could be at risk of infiltration by organised crime groups, which aim to acquire financial clout and use it to try to influence and to corrupt governments.
So serious is the economic threat do organised crime, it is considered a national security risk – Herald Sun

John Lawler


About Jumpin' Jack Cash

Deep connections are the most important aspect of my existence. I don’t care if people don’t know what they want. I love books. I’m cynical of love stories, although I’m romantic. I adore gardens. I like women who challenge me. I love the rain as an excuse to stay inside and dream. I'm furiously impatient. If I ask you a question best to tell me the truth as I'm likely to already know the answer. I'm a carnivore. I continuously underestimate the magic of fresh flowers in my home. I love warm rain in the summer. My mood elevates to epic proportions when the sun shines. Tell me not to do something and I'll do it twice and take photos. Running is my antidepressant. I loathe lies. I rarely forgive a lie. Loyalty and honesty are my most noble virtues, and I value them more than anything in other people. I love to love, and am able to fall in love very quickly, although it's only ever happened once. I understood myself and fixed myself only after destroying myself. My greatest excitement comes from deliberately getting lost in foreign cities. I can be extremely loud and frighteningly silent. I hate insinuations. I love storms. Justice for all. I'm a proud man, but welcome the influence of the feminine soul. I have two sisters. I’m a dreamer. I’m a deep thinker. Don’t deal with guilt trips or drama that well. I'm extremely stubborn and persistent. I'm brilliant at keeping secrets. I love driving. I become absolutely and completely lost while watching a burning fire. When the toast pops from the toaster I’m never ready and shit myself. I play the guitar, but require much improvement. Solitude and warmth of the sun are perfect together. I’ve been married once and now divorced. I’m a music junkie. Chocolate mousse is the shit. I curse too much. I find it difficult to make friends. I spent four years as a firefighter. I’ve run my own company since 1991. Bright lights, big cities. I’ve been an executive producer of a feature film. Some people don’t care, and that’s the biggest let-down of the human race. There are cures and solutions for many evils, but no remedy for the worst of them all - the apathy of human beings. The sound of the Italian language being spoken is as good as my favourite music. I hate corrupt cops. I relentlessly and passionately pursue anybody and anything that sets my soul on fire. I'm a dog lover, and all my dogs are considered family members. I have an obsession with photography. I have some close friends who are household names, but shall always remain anonymous. I’m crazy but not lazy. Losing a soulmate has hurt me badly. My two young sons are the nucleus of my universe. I love airports. I love freedom. If you are dishonest or disloyal, I can erase you from my life and memory immediately and permanently. I yearn to explore, dream about and discover as many friendships, deep connections and places, one possibly can in a lifetime.
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