The Australian Federal Police (AFP) has admitted it failed to act quickly on claims of corruption in the Reserve Bank's currency subsidiary.
Investigations are now underway into allegations that Securency International paid millions of dollars in commissions to overseas middlemen to secure note-printing contracts.
Meanwhile, one Labor backbencher has broken the Government's silence on the scandal and joined calls for a public inquiry.
The AFP is investigating allegations that Securency International and its sister company, Note Printing Australia, paid more than $50 million in bribes to get lucrative note-printing contracts.
Greens Senator Bob Brown believes the AFP investigation is taking too long and he is calling for a public inquiry.
At a Senate Committee hearing yesterday, Senator Brown asked AFP Commissioner Tony Negus if it were true that the AFP failed to act when a Securency employee reported the alleged corruption in April 2008.
"There was an initial assessment of that material and at that time, over the coming months, it was decided that there was insufficient material to launch an investigation," Commissioner Negus said.
"Looking back there could have been more done at that time to look further and deeper into the issue.
"At a later stage there was more material provided to the Australian Crime Commission, which was again provided to the AFP, and about that time the matter was formally referred to us by the RBA after the matter was featured by The Age newspaper."
That was a year after the initial report by the Securency whistleblower and Senator Brown asked Commissioner Negus just what efforts the AFP had made to assess the claims.
"Certain checks were done, but again, in the context of what we now know, I think that could have gone further at the time and I've had that reviewed to have a look at how that process was undertaken," Commissioner Negus said.
"As you've said it is a very serious matter. We currently have up to 20 investigators working on this full-time now, in a number of countries around the world."
Senator Brown noted that government officials in countries including Vietnam, Indonesia, Nigeria, Nepal, South Africa and Cambodia may be involved in the alleged corruption.
Commissioner Negus and his AFP colleagues would not confirm where their investigations were leading them, except to say they were working with the Serious Fraud Office in the United Kingdom and had made mutual assistance requests to a number of countries.
The Federal Government has been keeping quiet on the Securency scandal, but Kelvin Thomson, the ALP Member for the Victorian seat of Wills, is now speaking out.
"The AWB oil-for-food scandal put a stain on Australia's international reputation by suggesting that Australia was prepared to pay bribes and kickbacks to advance our international business interests and promote our exports, and regrettably the Securency scandal has reinforced this impression," Mr Thompson said.
"There needs to be action either from the Australian Federal Police or from a public inquiry to make it clear to the world that we do not regard the payment of bribes, kickbacks or commissions as an acceptable way to promote our exports."
Independent Senator Nick Xenophon agrees, saying the corruption allegations are "truly disturbing".
In a statement to AM he called for a broad independent inquiry with the powers of a Royal Commission to be held over and above the AFP investigation.
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