BANKING FLAWS EXPOSE LOOPHOLES FOR CRIMINALS

Concerning new reports in Fairfax newspapers today of money laundering under the noses of our big banks is yet another reminder of the Turnbull Government's failure to call a Royal Commission into the banking and financial services sector.

 

The reports raise serious concerns of loopholes and questionable banking practices that are creating opportunities for drug dealers and other criminals to funnel money offshore through Australian accounts.

 

What else has to happen before Malcolm Turnbull and Scott Morrison admit we need a Royal Commission into the Australian banking and financial services sector?

 

Recently we have seen allegations from AUSTRAC against the Commonwealth Bank about significant breaches of anti money laundering and terrorism funding laws and now there is an investigation by the prudential regulator APRA.

 

These are incredibly serious revelations and the government needs to explain what safeguards will be put in place to stop this behaviour from happening.

 

This behaviour appears to have been happening right under the noses of the big banks, but not enough is being done to stop it.

  

Labor will not stop calling for a Royal Commission to address the systemic, structural and cultural issues in the banking sector.