More than 20 civil society organisations and unions have made a last-minute call for the Turnbull government to stop the sale of the Asic’s corporate registry to a private company. “We are writing to seek your assurance that the Asic corporate register will not be privatised to become a private monopoly,” says the letter, seen by Guardian Australia. “The Asic corporate register is currently relied upon by law enforcement agencies, such as the Fair Work Ombudsman and the Australian Tax Office, in identifying company ownership and location. The government says it will retain ownership of the data once the registry is sold, but software upgrades of the register will be undertaken by its private owner. “The obvious starting point for a register of beneficial ownership would be the existing Asic corporate register, so selling off the register into private hands closes off important options in the consideration of a register of beneficial ownership,” the letter says.

Source: The Guardian August 17, 2016 20:00 UTC