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Australia

The facts of the case of Commissioner AFP v Ganesh Kalimuthu & Anor [2017] WASC 108 are superficially simple but that simplicity belies a state of affairs that is not at all straightforward. It involves cross-border payments, the use of an unlicensed money transmitter thinking him to be licensed but which turned out to be a hawala-style transaction of the sort that criminal gangs developed in the Philippines to facilitate expatriation of proceeds of illegal gambling. Now someone has given it a name - the especially stupid name of "cuckoo smurfing." The AFP made a logical decision to freeze moneys but the logic has been defeated by the Court. WMLR looks at the case which, at least in part, is a reflection of the dreadful drafting of Australia's Proceeds of Crime Act 2002.

BankWest, a division of Commonwealth Bank of Australia, failed to apply interest credits to offset accounts. It's having to make a big refund to thousands of customers.

BIScom Subsection: 

The past year has proved that Australians are still witty, fun-loving and mostly unreconstructed and we absolutely love them for it. Please don't let the politically correct bollocks that is threatening to change everything gain traction. Here are some of our favourite stories.

The Australian government has been delighted that inward investment is to develop a coal mine in the Galillee Basin in North Queensland. But, as one media outlet has discovered, the Aussies appear to have failed to ensure that the company they are dealing with is entirely trustworthy. Indian company Adani is subject to several official investigations - and an investigative journalism team in Aus is uncovering more and more issue of concern. Why don't governments have to follow the same KYC and Risk Management standards as banks, etc.?

More than 15,000 customers of BMW Financial Services, Mini Financial Services and Alphera Financial Services are to be compensated for serious failures in the group's business practices, which caused genuine hardship in some cases, says the Australian regulator, ASIC. The scale of the Order is jaw dropping.

BIScom Subsection: 

The Australian Securities and Investments Commission (ASIC), which federally regulates a wide range of businesses, has cancelled the credit licence of S & S Enterprises Pty Ltd, trading as appliance rental business Rent To Own Appliances.

BIScom Subsection: 

Mahmoud Daher, an employee of The Australian Securities and Investment Commission (ASIC), has today appeared at Downing Centre Local Court charged that he effected unauthorised access to restricted data and uttering a false document contrary to money laundering, etc. law.

CoNet Section: 

As Australian home-builder Collier Homes goes into liquidation, it's time to question, both in Australia and in other countries, whether purchasers should be required to make payments, beyond a reservation deposit, on new builds. Major reform is needed.

BIScom Subsection: 
Editorial Staff

Call it the queer quid, the pink pound or any one of several other, generally, derogatory names the reality is that there has long been evidence that discretionary spending (and often disposible income) is greater amongst homosexuals and other minority gender groups. We don't sit in on a meeting that never happened as Australia secretly tries to attract that spending despite its blokey image.

As if being accused of risking perverting the course of justice (and giving Australian police the virtual finger) isn't enough (story) Facebook has now caused even more annoyance by refusing to remove a page that identifies operational undercover assets in Victoria.

CoNet Section: 

After half-a-a decade of widespread criticism of China for the controls it has placed on the use of the internet including access to material that, in the opinion of the Chinese government, undermines the authority of the government and courts, Australia is wondering how to achieve the same result without incurring the ire of millions and the ridicule of the global community.

CoNet Section: 

Australia: Reserve Bank of Australia (updated 9 November 2001)

If this list returns a positive match, contact your regulator and seek guidance. The information in the list is current as at 3 October 2001. Although this list is produced by The Reserve Bank of Australia, it has international application.

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