The government tabled its response [text] to the Cole Commission recommendations in Parliament Thursday. According to a press release [text] from Ruddock's office, the government plans to introduce legislation:
requiring applicants for licenses 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
Those convicted of breaching bribery laws could face a maximum 10-year jail sentence and a fine of up to three times the amount of the offending transaction. Australia's ABC News has more.
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