Authorities are searching for a bank that is alleged to have been involved in a spate of robberies spanning several years.
Tabcorp was fined $45 million in March for breaching money laundering laws 108 times over five years. AUSTRAC boasted at the time that the ruling was the largest civil penalty in Australian corporate history. Applying the same standard to the 53,760 breaches Commonwealth Bank is accused of would see it staring down the barrel of a $22 billion penalty.
A massive leak of documents has blown open a window on the vast, murky world of shell companies, providing an extraordinary look at how the wealthy and powerful conceal their money.
Chris Bowen said the government’s changes to the FoFA regulations had scored a ”daily double” by reducing consumer protections from unscrupulous financial planners and increasing red tape.
”They’ve emasculated the requirement to work in the best interests of the client,” he said.
Now, independent Senators Nick Xenophon and John Madigan have introduced two amendments to tackle the worst and arguably most potentially dangerous aspects of the Coalition’s reforms – namely general advice and changes to the best-interests duty.
Considering the banks and AMP own or control up to 80 per cent of the financial planning industry, as Nick Xenophon put it,
“The financial services industry is big enough and ugly enough to look after itself and … consumers are the ones government should be providing with certainty and adequate protections.”
But hey…we’re open for business. Caveat emptor.