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Thought for the future: my personal view is that Australia is a relatively soft-ball jurisdiction in terms of privilege. Regulators have historically rarely seriously tested it, and my observation of Aussie practitioners is that they are relatively blasé about it. The winds of change are blowing though, as the ATO ramps up and ASIC / APRA will follow suit (especially under FAR, which mandates “co-operation”). We aren’t quite at the stage the UK is, where the UK Serious Fraud Office specifically calls out waiver of privilege as a factor in determining whether the organisation gets co-operation credit in their guidelines. Privilege is definitely going to get tested in coming years though!

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