"On those occasions where prosecutions have arisen from failure [to follow the law] there has been fraud. The opposite is not true.
However, the new documents reveal the scale of the potential breaches, and the risks taxpayers faced. The mint estimated it could lose between USD $1.6 million and $3.5 million a year if those clients were to "exit".That same document details how Perth Mint's Depository Service began in 1994, with high-net-worth individuals, who were recorded "off-system in paper ledger books for privacy reasons" and by 1998 there were about 150 clients using the service.
"Government bodies should be held to a higher standard because they operate with the trust of the community, and the entire state's reputation is on the line," he said.
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