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The Australian Securities and Investment Commission (ASIC) conducted inspections at Australia's six largest audit firms and found that they performed a little better than the industry average but even so, a fifth of them lacked material information.

CoNet Section: 

GoFundMe is a crowdfunding platform where people post requests for money for a variety of reasons. It's not Kickstarter which has a specific business model and relates solely to businesses wanting a little bit of help with the development of a product. Some of the things that appear on GoFundMe are brilliant. Some are, well, not. Here are some of the nots.

BIScom Subsection: 

When former policewoman and domestic violence sufferer Carolyn Kerr decided to take over an abandoned shack-like building formerly used as a butchers' shop, she did the thing that would remind her how far she'd come and named it "The Battered Wife." That's upset one of Australia's increasingly numerous and increasingly forceful self-appointed guardians of their own standpoint who began a brutal campaign against Kerr and her tiny business.

It all sounds as if it's tailor made for cynics: a government looks at high-growth companies using what it terms "non-traditional data" (which turns out to be social media comment about and by the company and the companies's own websites) and uses it to predict what industries and what regions may thrive. And cynics would be right: social media comment tends to be polarised and out of balance and websites are, of course, the bearers of good tidings. So what's going on?

CoNet Section: 

Two companies have been sentenced following the death of a five-year-old girl who became trapped while using a lift at her home in Weymouth. In what was clearly not a case of corporate manslaughter, the companies accepted liability. The failures were pretty bad.

CoNet Section: 

More or less breaking news is that Theresa May is the ultimate cat lady. Not that she has cats but she does have nine lives and, amazingly, even though she occasionally loses one, like buses, there's another one along in a minute. One day she's getting a kicking like no other Prime Minster has ever had and the next she's laughing in the face of the Opposition as Corbyn's motion to unseat the government and force a general election came unstuck. It might all seem very random but there is a pattern emerging.

When historians look back on the UK's withdrawal from the European Union, they will be focussed on whatever interests them: for some it will be the will of the people, for some it will be the choice of a "Remain" campaigner to lead the exit negotiations, for others it will focus on any one of dozens of politically motivated stands and rhetoric and for others it will focus on the drama that has surrounded attempts to do something mind-numbingly complicated that has never been done before under what turns out to be an arbitrary time-table. Then there will be the fact that partisan interests have taken over from the national interest. As T. May has long been diverted from the deal into fighting for her political life, one thing is clear; nothing is clear.

The increased emphasis on the true owners of companies opens up a can of worms. The lid has been loose for years but no one dared take a proper look inside. Now's the time to find out what's buried in that wriggling mass.

The Australian Securities and Investment Commission has applied to the Federal Court to wind up Traditional Therapy Clinics Limited (a Chinese Traditional Medicine company) after it was delisted by the Australian Stock Exchange and has asked the court that two members of Ernst and Young be appointed as liquidators.

So, now you know what all the letters mean, let's get on with the story which is, in part, about Red Stox and the continuing risks some of them pose for shareholders, regulators and sponsors to say nothing of those usually small businesses which put their faith in them ....

CoNet Section: 

Mail order (remember when it used to be called that?) is heating up to be a serious battleground across South East Asia. Three problems plague local platforms.

Amazon's UK operation is set to beat them without even opening a distribution centre in the region.

CoNet Section: 

Following an ASIC investigation, the Federal Court of Australia has wound up Australian financial services Licensee CFS Private Wealth Pty Ltd and Combined Financial Solutions Pty Ltd, a corporate authorised representative of CFS Private Wealth, and restrained its director, Graeme Walter Miller, from providing financial services for 25 years. Miller is also disqualified from managing corporations for three years.

BIScom Subsection: 

Take out the ridiculous terminology and this report from the UK's Health and Safety Executive demonstrates the dilemma faced by medical centres which fall somewhere between hospitals and prisons staffed only with civilians.

CoNet Section: 

In an unusual case, an Australian who applied to the Australian Securities and Investments Commission (ASIC) for an Australian Financial Services Licence (AFSL) was refused. He appealed to the Administrative Appeals Tribunal (AAT) which has upheld the decision. That, of itself, is uncommon but it's the grounds for refusal that turn it into a story.

But first some interesting information about information.

BIScom Subsection: 

"Cognitive bias" is one of those expressions, along with various other forms of bias, that's become popular in recent months. However, there's nothing new and nothing clever about cognitive bias. In fact, it's one of the most fundamental aspects of decision making. We all, without exception, do it. But the problem is that it underpins one of the reasons that financial crime risk management fails, over and over again.

---------- A SAMPLE ARTICLE FROM World Money Laundering Report ---------

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