15th May 2020
Australia’s Westpac Banking Corp (WBC.AX) said in a defence filing in Federal Court on Friday it was admitting to a number of failures in a case where it has been accused of 23 million breaches of anti-money laundering and counter-terrorism laws. The country’s second largest bank admitted it had… Read More
12th May 2020
Water licences could be used by international organisation to launder money under the nation’s current foreign investment laws. Unlike other commodities, large foreign purchases of water are not referred to the Foreign Investment Review Board (FIRB). Murray Darling Basin interim inspector general Mick Keetly believes water has been “overlooked” in… Read More
5th May 2020
Westpac has disclosed in its latest financial accounts that its internal investigations have revealed thousands more potential AML breaches, on top of the 23 million breaches alleged by AUSTRAC last November. Last month, Westpac said it expects to pay a AUD 900 million (USD 580 million) penalty over AUSTRAC’s allegations,… Read More
23rd April 2020
Troy Stolz, the whistleblower who exposed a widespread lack of anti-money laundering compliance around poker machines in registered clubs, is being sued by ClubsNSW. Mr Stolz is accused of giving a confidential ClubsNSW board paper to Independent MP Andrew Wilkie. That paper, written in May 2019, outlined ClubsNSW’s own concerns… Read More
21st April 2020
“He’s just dodgy. He’s just ridiculously dodgy,” personal trainer Sean Carolan was heard saying of his criminal lawyer Michael Croke on an expletive-laden phone tap. A jury appears to have concurred with this assessment, as on Monday the Kings Cross lawyer was found guilty of all six counts including perverting… Read More
17th April 2020
Spies from the The Australian Securities and Investments Commission have been hobbled by the coronavirus, as remote working has made observing bankers at close quarters impossible. The corporate cop announced earlier this week it had put its flagship program of embedding agents inside the banks on ice as the COVID-19… Read More
17th April 2020
A bitcoin entrepreneur whose wife disappeared in mysterious circumstances is facing five years in jail, accused by the Australian Federal Police of swindling people of their life savings. John Louis Anthony Bigatton is being investigated for money laundering during his time as Australian director of Bitconnect, a failed cryptocurrency trading… Read More
15th April 2020
Westpac has revealed it will suffer a massive $1.4 billion hit to its first-half earnings. In a statement, Australia’s second-largest bank said the bulk of these “increased provisions” and write-downs related to the AUSTRAC money laundering scandal. The bank estimated that it might receive a $900 million fine for… Read More
14th April 2020
A Brisbane house and three Australian banks are now at the centre of a money laundering probe into a $US10.3 million payment made by the ASX-listed Horizon Oil to a company linked to a senior minister in Papua New Guinea. The Australian Financial Review has been told Westpac… Read More
9th April 2020
Global banking giant HSBC has quietly outed itself to Australia’s financial crime agency for potential breaches of anti-money laundering laws by failing to report transfers to foreign banks and institutions. The disclosure by HSBC’s Australian arm makes it the latest bank embroiled in money laundering scandals after Westpac was implicated… Read More