Australian governments appear to implicitly accept that illegality comes with the territory of legal casinos.
The buck stops with Boris.
Five years after David Cameron was pushing for tighter rules around disclosure of beneficial owners, nothing much has changed.
B is for bank restrictions.
NatWest and HSBC are restricting customers in their crypto-dealings.
At first glance, these programs might seem attractive. But they suffer from fundamental flaws.
There is a growing trend to import another Americanism into the Canadian anti-money laundering strategy: a whistleblower incentive program that would amount to bounty hunting for violations.
Cosy personal relationships among the corporate elite abound. So what makes an independent director actually independent?
Rather than imposing a straight fine, taking away franking credits would ensure shareholders feel more pain when companies misbehave.
American citizenship is not as coveted as it once was.
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Some 10,000 people are likely to give up their US passport this year, way above average. Are they fleeing COVID-19? Nasty politics? Taxes? None of the above, says an expert on American citizenship.
Shareholder activism involves directly engaging with directors and executives of companies to effect change.
We want to to believe in the power of shareholder activism, but reality is another thing.
The trouble with looking for transactions ‘consistent’ with ‘known’ patterns ‘indicative’ of child exploitation payments to countries with ‘known’ risks is that countless legitimate payments exhibit similar features.
Anti-money laundering rules give the comfort of doing something, but prevent surprisingly little crime.
Westpac chief executive Brian Hartzer and chairman Lindsay Maxsted. We could expect more of such folk but it might be more constructive to look for ways to help them do their jobs better.
Board directors of our biggest companies simply aren’t equipped to take on management. An idea floated 50 years ago could help.
Westpac chief executive Brian Hartzer will step down with $2.68 million. Had he stayed on he could have received share rights worth $20 million.
Westpac’s decision to shut down its LitePay money transfer system will hurt people relying on remittances throughout the Pacific region.
Westpac is “deeply sorry” and has pledged to spend $18 million over three years tackling the online sexual exploitation of children in the Philippines.
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.
A crucial problem with the global approach to anti-money laundering is the emphasis on demonstrating activity rather than results.
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.
Customers will be likely to feel the effects of the huge fine.
AAP Image/Dean Lewins
The Commonwealth Bank has agreed to pay a $700 million fine over its inadvertent failure to tackle money-laundering. But the penalty is in line with punishments for far more serious violations by other banks.
U.S. President Donald Trump has taught the world many lessons since his time in office – mostly on how not to govern.
(AP Photo/Carolyn Kaster)
Love him or hate him, Donald Trump has shown us a great deal in his short time on the political stage. For that, we should be grateful. Here are the lessons taught by Prof. Trump.
The Australian Transactions Reports and Analysis Centre (AUSTRAC) has launched civil proceedings accusing the CBA of being complicit in money laundering.
The Australian public may be vulnerable to crime and terrorism directly funded through the Australian banking system.
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The government should resist the temptation to soften monitoring efforts aimed at MPs and their families and associates.
Focusing on ‘corrupt countries’ misses the point – it is people who are corrupt and their money flows in and out of shady deals all the time.
Locations such as Queensland’s Gold Coast have been nominated as at risk of money laundering by international criminals targeting real estate.
Much more can be done to protect Australia’s property market from international criminals seeking to wash their proceeds.