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22:21
On the Senate inquiry into cash laundering, Transparency Worldwide Australia’s chief, govt, Serena Lillywhite, has warned Australia is “extremely uncovered to cash laundering and the movement of soiled cash”.
The Senate authorized and constitutional affairs references committee is contemplating whether or not anti-money laundering legal guidelines needs to be prolonged to legal professionals, accountants and actual property brokers.
Lillywhite mentioned Australia is a “vacation spot of alternative for corruption-related proceeds” from nations corresponding to Sudan, China, Russia and Malaysia which “too usually leads to the property market”.
She mentioned:”Cash laundering will not be a faceless crime. It has devastating impacts in Australia and abroad. It could possibly fairly be argued it’s pushing up property costs in Australia and locking Australians out of proudly owning their very own residence.”
Lillywhite welcomed the Australian authorities’s introduction of director ID numbers, however desires a lot greater reforms together with a register of useful possession.
In April 2016, Kelly O’Dwyer, then assistant treasurer, mentioned “we agree there must be a registry of useful possession in our nation”, however forward of the 2019 election the Coalition backflipped and mentioned it was not coverage to create one.
22:12
Market Forces isn’t the one environmental group left unimpressed by the cap on oil and fuel lending that massive financial institution NAB introduced this morning.
As we reported earlier, Market Forces mentioned the pledge contained “tonnes and tonnes of loopholes and room for the financial institution to proceed as standard” and amounted to greenwashing – one thing the financial institution denies.
Now, group group Lock The Gate has additionally taken a swing, with nationwide coordinator Carmel Flint saying: “NAB’s new coverage is so obscure, we doubt it’s going to do something to scale back the financial institution’s willingness to finance polluting and harmful greenfield fuel and oil developments.”
“They’ve left an enormous loophole which permits them to fund new (greenfield) developments if corporations declare the oil and fuel is required to fulfill home power wants, regardless of corporations commonly claiming that while sending most fuel offshore.”
She known as on NAB to rule out lending in direction of tasks in 4 oil and fuel areas: Narrabri in NSW, the Lake Eyre Basin in Queensland, the NT’s Beetaloo sub-basin, and WA’s Kimberley area.
“Australia is already awash with fuel which we’re delivery abroad – we don’t want any new improvement right here, no matter what fuel corporations declare it will likely be used for,” she mentioned.
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