We are yet to hear boo from the banks’ propaganda machines about the CBA’s money-laundering crisis. Not a squeak so far.
They have wailed long and hard about the dastardly injustice of bank taxes but peak body, the Australian Banking Association (ABA), is still yet to respond to questions about its own murky disclosures and secretive financial status despite questions raised with them a number of times in July.
Same deal with the Financial Services Council (FSC) which is terrific, and prolific, at pontificating to governments on how to conduct their financial and regulatory affairs but deathly silent when questioned about its own affairs.
When it comes to hypocrisy however the FSC is not in the same league as the Australian Bankers Association.
In a long and windy consultation paper to Treasury in March the ABA went on and on about the importance of transparency in corporate Australia; but when asked about their own financial statements have been button-lipped.
How’s this for hypocrisy:
“The Australian Bankers’ Association (ABA) welcomes the opportunity to provide The Treasury withcomments on the Consultation Paper Increasing Transparency of the Beneficial Ownership of Companies (Consultation Paper).
With the active participation of its members, the ABA provides analysis, advice and advocacy for the banking industry and contributes to the development of public policy on banking and other financial services. The ABA works with government, regulators and other stakeholders to improve public awareness and understanding of the industry’s contribution to the economy and to ensure Australia’s banking customers continue to benefit from a stable, competitive and accessible banking industry.
The ABA strongly supports the government’s objective of improving transparency around who owns, controls and benefits from companies, which will assist with preventing the misuse of companies for illicit activities including tax evasion, money laundering, bribery, corruption and terrorism financing.
The only true objective the ABA strong supports is the objective of churning out relentless spin to the detriment of the community.
While the ABA was penning its holier-than-thou missives to Canberra, the CBA was busy the investigations of the Federal Police and AUSTRAC, to put a lid on the biggest money-laundering scandal in Australian corporate history.
Nary a syllable has been written about it as ABA itself continues to play hide and seek over its own financials.
Michael West established Michael West Media in 2016 to focus on journalism of high public interest, particularly the rising power of corporations over democracy. West was formerly a journalist and editor with Fairfax newspapers, a columnist for News Corp and even, once, a stockbroker.