Australia: Coalition, Labor oppose federal inquiry into Crown allegations
19th October 2017
Australia: Coalition, Labor oppose federal inquiry into Crown allegations
The Turnbull government and Labor have expressed their opposition to a crossbench push for a Senate inquiry into casinos after whistleblowers’ explosive allegations of wrongdoing by Crown Resorts. Earlier on Thursday the Greens rounded on Labor, noting its support would be sufficient to set up the inquiry and accusing the… Read More
Rio Tinto charged with fraud by US authorities
18th October 2017
Rio Tinto charged with fraud by US authorities
BBC British-Australian mining giant Rio Tinto and two of its former executives have been charged with fraud in the US, accused of hiding losses by inflating the value of African coal assets. It bought the Mozambique assets in 2011 for $3.7bn (£2.8bn) and sold them a few years later for… Read More
Australia: ‘Bitcoin bill’ gets green light from Senate committee
16th October 2017
Australia: ‘Bitcoin bill’ gets green light from Senate committee
The Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2017, also known as Australia’s “bitcoin bill”, has marked some important progress. Today, the Senate Legal and Constitutional Affairs Legislation Committee published its report on the bill making only two recommendations: some definitions should be clarified; and the bill should be… Read More
Money launderers remain ahead of authorities, US expert says
5th October 2017
Money launderers remain ahead of authorities, US expert says
Allegations that the Commonwealth Bank breached anti-money laundering laws on almost 54,000 occasions have raised concerns that Australia’s financial system is exposed to criminal elements, including the likes of drug runners. While the extent of the alleged breaches shocked the CBA and regulators, a former US Treasury official and undercover… Read More
Australia returns funds to China from money laundering swoops
26th September 2017
Australia returns funds to China from money laundering swoops
Australia has returned around A$215,000 (126,114 pounds) to China in funds it has seized from money laundering cases as the two countries agreed on Tuesday to beef up efforts to crack down on financial crime. Australia has been working with China’s “Operation Fox Hunt” to snare suspected corrupt officials who… Read More
Australian banks drop ATM charges in reputation fightback
25th September 2017
Australian banks drop ATM charges in reputation fightback
Australia’s four largest banks are scrapping cash withdrawal charges for all domestic users as they try to salvage their reputations amid rising political pressure for tougher laws after a series of scandals. Commonwealth Bank of Australia, the nation’s biggest lender, said on Sunday it would immediately remove the A$2 ($1.60)… Read More
Australia to push through tougher rules for bank executives
25th September 2017
Australia to push through tougher rules for bank executives
Australia’s prudential regulator should be given powers as soon as October to cap bank executives’ salaries, delay their bonuses and drive them out of the industry if they were guilty of wrongdoing, Treasurer Scott Morrison said on Monday. The government is pushing ahead with tougher rules for banks after a… Read More
Up to $5 million ‘laundered daily’ through Australian banks
15th September 2017
Up to $5 million ‘laundered daily’ through Australian banks
An estimated $5 million in drug money is being laundered through Australia’s big four banks each day. The figure comes from confidential briefings by federal and state policing agencies cited by Fairfax Media. Read More
Australian regulator ‘not scared’ to take on powerful banks
12th September 2017
Australian regulator ‘not scared’ to take on powerful banks
Australia’s corporate regulator on Tuesday took aim at the nation’s four major banks, saying they are very powerful with “a lot of hubris” and are not used to be taken on by regulators. Australian Securities and Investment Commission (ASIC) Chairman Greg Medcraft, who was speaking at a Reuters Newsmaker event… Read More
‘Liar loans’: Australians overstating income, says UBS analyst
11th September 2017
‘Liar loans’: Australians overstating income, says UBS analyst
One of Australia’s most respected banking analysts has warned there are $500bn worth of “factually inaccurate” mortgages sitting on the books of Australia’s banks, with the problem getting worse. UBS banking analyst Jonathan Mott said one third of Australians who took out a mortgage in the past 12 months were… Read More
Popular

Gold Seized at Heathrow Part of Cayman Money-Laundering Case: NCA

Britain kicks off review of regulating finance after Brexit

StanChart Whistle-Blower Says U.S. Missed Billions in Trade

Nordic Banks Pinched by Anti-Money-Laundering Compliance Costs

Drugs, Guns and Robberies Lead to Freezes on 8 U.K. Properties

Must Read

Leaked documents reveal Huawei’s secret operations to build North Korea’s wireless network

Swiss Bank to Pay $1.2 Million for Failing to Report US-Linked Accounts

EU Commissioners Recommend Tweaks to Terror Finance Program

Kenyan finance minister arrested on graft charges

U.S. sanctions Chinese oil buyer over alleged Iran violations