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clock Created with Sketch. 10/08/24
12:01
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Originally posted by GeorgeGn:
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It's also my understanding that even after the banking royal commission that banks are still facilitating scams through big four accounts and allowing them to transfer that money overseas without any blocks or stops. Then claiming it's too hard to get it back. So scammers are using Aussies bank accounts to defraud people and thieve which is arguably worse than money laundering but that's ok. There have been many cases where media have identified war lords, drug lords and corrupt officials from other countries have brought Aussie real estate to launder their money however no one ever faced any charges because there crimes were committed overseas. I mean how does the government go about doing source of wealth checks for rich new migrants? That's right they don't because they can't. Even if they had a central bank digital currency and banned cash they would not be able to trace and track transactions from overseas because they simple would not have access to the data from many jurisdictions. So whatever they do they can't prove that money that flows from overseas is legal or illegal they just have to trust it is from legitimate business. In a globalised world they have no chance at stopping money laundering they just move the money through a bunch of overseas countries like China, India, Russia, Indonesia wherever the hell they want. All legitimate buying and selling business of course. I mean the multinationals don't even pay tax here how are they going to stop people laundering money who are happy to pay tax to clean it?
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Yup agree. General public and regular governmental staff are kind of oblivious to these things. They can only governments only do so much to create legislations to make things look better whilst allowing illegal stuff to go through (better than no legislation). Nevertheless , when entities/individuals are individuals are irresponsible, it makes sense to penalise them… especially it’s a large entity… to put people off.
(20min delay)