Perth Mint and Commonwealth Regulatory Compliance Select Committee

The majority voted in favour of a motion introduced by West Australian Senator Dean Smith (Liberal), which means it was passed.

Motion text

(1) That a select committee, to be known as the Select Committee on the Perth Mint and Commonwealth regulatory compliance, be established to inquire into and report on the corporate and regulatory compliance of Gold Corporation and its trading entity, the Perth Mint, with Commonwealth legislation, with particular reference to:

(a) current and historical compliance with Australian anti-money laundering regulatory requirements, specifically:

(i) the Anti-Money Laundering and Counter-Terrorism Financing Act 2006,

(ii) the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 1),

(iii) the Privacy Act 1988,

(iv) the National Measurement Act 1960,

(v) the National Trade Measurement Regulations 2009, and

(vi) any other associated Commonwealth laws and regulations or instruments;

(b) events that led to the Australian Transaction Reports and Analysis Centre ordering the appointment of an external auditor to Gold Corporation under subsection 162(2) of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006;

(c) events that led to the London Bullion Market Association initiating an 'Incident Review Process';

(d) matters concerning the corporate and statutory governance of Gold Corporation;

(e) the extent to which Australia's reputation as a precious metals producer, refiner and exporter may have been damaged by Gold Corporation's failure to comply with all necessary corporate and regulatory requirements; and

(f) any other related matters.

(2) That the committee present its final report by 13 December 2023.

(3) That the committee consist of 7 senators, as follows:

(a) three nominated by the Leader of the Opposition in the Senate;

(b) two nominated by the Leader of the Government in the Senate;

(c) one nominated by the Leader of the Australian Greens in the Senate; and

(d) one nominated by minority party or independent senators.

(4) That:

(a) participating members may be appointed to the committee on the nomination of the Leader of the Government in the Senate, the Leader of the Opposition in the Senate or any minority party or independent senator;

(b) participating members may participate in hearings of evidence and deliberations of the committee, and have all the rights of members of the committee, but may not vote on any questions before the committee; and

(c) a participating member shall be taken to be a member of a committee for the purpose of forming a quorum of the committee if a majority of members of the committee is not present.

(5) That 3 members of the committee constitute a quorum of the committee.

(6) That the committee may proceed to the dispatch of business notwithstanding that all members have not been duly nominated and appointed and notwithstanding any vacancy.

(7) That the committee elect as chair a member nominated by the Leader of the Opposition in the Senate and, as deputy chair, a member nominated by the Leader of the Australian Greens in the Senate.

(8) That the deputy chair shall act as chair when the chair is absent from a meeting of the committee or the position of chair is temporarily vacant.

(9) That the chair, or the deputy chair when acting as chair, may appoint another member of the committee to act as chair during the temporary absence of both the chair and deputy chair at a meeting of the committee.

(10) That, in the event of an equally divided vote, the chair, or the deputy chair when acting as chair, have a casting vote.

(11) That the committee have power to appoint subcommittees consisting of 2 or more of its members, and to refer to any such subcommittee any of the matters which the committee is empowered to consider.

(12) That the committee and any subcommittee have power to send for and examine persons and documents, to move from place to place, to sit in public or in private, notwithstanding any prorogation of the Parliament or dissolution of the House of Representatives, and have leave to report from time to time its proceedings and the evidence taken and such interim recommendations as it may deem fit.

(13) That the committee be provided with all necessary staff, facilities and resources and be empowered to appoint persons with specialist knowledge for the purposes of the committee with the approval of the President.

(14) That the committee be empowered to print from day to day such papers and evidence as may be ordered by it, and a daily Hansard be published of such proceedings as take place in public.