Australia now requires lawyers, accountants and real estate agents to report suspicious customers, at huge cost – but will this help fight crime?
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Buyers will face more scrutiny as anti-money laundering rules expand to cover real estate agents, lawyers and conveyancers.
AUSTRAC’s report makes clear that Australia has both highly profitable criminal activity and a wide range of sectors vulnerable to money-laundering abuse. That is a recipe for criminal exploitation.
Cosy personal relationships among the corporate elite abound. So what makes an independent director actually independent?
Its board has been found to “lack readiness to ask relevant questions”, a judgment it will have to wear.
Rather than imposing a straight fine, taking away franking credits would ensure shareholders feel more pain when companies misbehave.
Westpac has admitted to more than 23 million breaches of the Anti-Money Laundering and Counter-Terrorism Financing Act.
Board directors of our biggest companies simply aren’t equipped to take on management. An idea floated 50 years ago could help.
Westpac’s decision to shut down its LitePay money transfer system will hurt people relying on remittances throughout the Pacific region.
The number one commandment of the anti money laundering law is “Know your customer”. AUSTRAC is alleging Westpac didn’t, and didn’t seem to want to.
The government at the weekend piled on more pressure for Westpac heads to roll over the bank’s money laundering scandal, with Treasurer Josh Frydenberg saying the affair had a long way to play out. “These…
Anti-money laundering efforts are based on measuring activity, not results. To cut crime and terrorism, we need a frank conversation about where the system has gone wrong.
The CBA’s response to AUSTRAC’s claims means shareholders will be assisted in part of their class action claims, but a lot still needs to be proved.
Even though the Prime Minister and heads of the big four banks argue costly political uncertainty is the reason for the royal commission, experts argue the banks’ behaviour itself is the real cost.
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