The Australian Securities and Investment Commission (ASIC) are supposed to be on top of this sort of activity to protect Australians from people avoiding taxes and basically stealing from Australian citizens. As this scandal unfolds the question must surely be asked: "Why do we need to keep funding ASIC, when they have such a high "Annualized Failure Rate"?
They chase people who do not have any of their assets in tricky trust or company structures in Australia let alone overseas, or assets in overseas tax shelters, or Swiss bank accounts, or Panama based accountants. And they leave those who do completely alone.
I have personally experienced the full weight of the resources ASIC have at their disposal. I felt it for over 5 years, while ASIC pretended I was a major corporate criminal and locked up State resources targeting and destroying me. My lawyers and barristers at the time told me that my case should never have been a case. They said the only reason that ASIC were tearing me apart was because all of my assets were in my personal name. My bank accounts, my house, my shares were all easily accessible to the authorities. The real criminals are too hard to prosecute and if they are successful in doing so the authorities can never access their assets anyway. So they decided to justify their existence by going after me.
This sends a message to anyone with any legitimate assets: "Use Panama based accountants to protect your hard-earned assets from lazy government regulators like ASIC."