Tag: banks

Five pillars of financial crime (part 3) – » The Australian Independent Media Network

has anyone been charged or will this process be put aside like the GFC, the Panama Papers and allow everyone to keep the spoils? (ODT)

While the scale of illegality and unethical behaviour in the Australian financial sector might be news to many Australians, the scale of fee-gouging, profiteering and the terrible treatment of customers should be no surprise to our regulators or politicians.

What s likely to remain, as a primary cause of the decade-old malpractice governing the industry and surrounding collaborators – as eloquently shown by K. Lee is ‘The incestuous relationship between government, the financial sector, the regulators, and the legal firms the use’, theaimn.com, 3 October 2018).

via Five pillars of financial crime (part 3) – » The Australian Independent Media Network

Deutsche Bank once got a look at Donald Trump’s tax returns, with some help from Ivanka

https://static.ffx.io/images/$zoom_0.327%2C$multiply_1%2C$ratio_1.776846%2C$width_1059%2C$x_36%2C$y_88/t_crop_custom/w_800/q_86%2Cf_auto/fe1ec6fcf2207f62d24511809189faba5bcd53f8

 Deutsche Bank once got a look at Donald Trump’s tax returns, with some help from Ivanka

Trump inauguration

Government corruption and the need for a Federal ICAC

Paladin corruption allegations;
Royal Commission findings on banks;
no charges laid over questionable tip-offs on AFP’s union raid from Michaelia Cash’s office; and
Northern Territory’s public service corruption charges.

via Government corruption and the need for a Federal ICAC

CBA still in denial as fraudsters sentenced to a decade in jail

The Commonwealth Bank has spent seven years denying and covering up the role of its staff in a $76 million loan fraud that has left unwitting customers homeless.

via CBA still in denial as fraudsters sentenced to a decade in jail

How Israeli banks finance theft of Palestinian land | The Electronic Intifada

Under the United Nations Guiding Principles on Business and Human Rights, “businesses are expected to undertake human rights due diligence to identify and mitigate contributions to human rights violations of not only their own activities but also activities to which they are directly linked by their business relationships,” Human Rights Watch notes.

“None of the seven Israeli banks contacted responded to questions regarding any steps they have taken to implement” the UN Guiding Principles, according to Human Rights Watch.

But there is no way to limit the harm that comes from doing any business related to Israel’s colonies.

“Settlements inherently contribute to serious violations of international human rights and humanitarian law,” Human Rights Watch states. “Companies, including banks, that conduct business in or with settlements cannot mitigate or avoid contributing to these abuses, because the activities they conduct take place on unlawfully seized land, under conditions of discrimination, and through a serious violation of Israel’s obligations as an occupying power.”

The group urges banks to completely “cease doing business in or with Israeli settlements” because “in Human Rights Watch’s view, these activities inherently contribute to serious abuses.”

This report builds on one Human Rights Watch published last September debunking claims by Israeli banks that Israeli law requires them to provide services that aid the theft and colonization of Palestinian land.

via How Israeli banks finance theft of Palestinian land | The Electronic Intifada

Crime and terror in the banks | The Saturday Paper

The Saturday Paper logo

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.

Source: Crime and terror in the banks | The Saturday Paper

Panama Papers leak exposes how Vladimir Putin, Xi Jinping’s friends hide money

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.

Source: Panama Papers leak exposes how Vladimir Putin, Xi Jinping’s friends hide money

Greek bailout ‘a new Versailles Treaty’, says former finance minister Yanis Varoufakis – Late Night Live – ABC Radio National (Australian Broadcasting Corporation)

Former Greek Finance Minister Yanis Varoufakis speaks to the press

Greek bailout ‘a new Versailles Treaty’, says former finance minister Yanis Varoufakis – Late Night Live – ABC Radio National (Australian Broadcasting Corporation).

As HSBC shows, we’ve been timid and pathetic in dealing with tax dodgers. The ATO allows corporations to self audit pay as much as you see fit. Is that fair?

lin homer, chief exec HMRC<br />

As HSBC shows, we’ve been timid and pathetic in dealing with tax dodgers | Prem Sikka | Comment is free | The Guardian.

Matt Corman says “Old News Move On” Let’s screw the new Oldies. He’s Belgian says it without smiling or his face would crack

scam-financial-advisor

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.