DRAFT LEGISLATION FOR MAJOR REFORMS TO AUSTRALIA’S FOREIGN INVESTMENT FRAMEWORK

On 10 August, DLA Piper published an article saying that Australia has just released proposed sweeping reforms to its foreign investment regime. It says that foreign investments into Australia are to be scrutinised not only from a national interest perspective but also with a more focused national security approach.  Australia is also strengthening its hand in relation to enforcing compliance with Australia’s investment regime and its taxation policies. Ongoing reporting obligations are also part and parcel of the proposed new laws. There will be new and extensive investigatory and enforcement powers in order to detect, prevent and enforce non-compliance by foreign investors, and new registration obligations requiring notification of foreign investments and changes in character or status of foreign ownership over time.

https://www.dlapiper.com/en/us/insights/publications/2020/08/major-reforms-to-australias-foreign-investment-framework-b/

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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