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<   No. 4162   2020-01-07   >

Comic #4162

1 Charity Collector Guy: So. I’ve been through your records and documented 21 million separate breaches of Cosmic Tax Law.
2 {beat}
3 {beat}
4 Head Death: IS THAT BAD?
4 Charity Collector Guy: Yes, but not as bad as Australian banks.

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Some people might need a bit of background explanation.

Under mounting evidence of systemic corruption in the banking and financial industry in Australia, the Australian Government set up the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry in December 2017. High Court Justice Kenneth Hayne presided over 68 days of public hearings and delivered his report in February 2019.

Some of the findings:

The three named banks above are three of the "Big Four" banks in Australia. The fourth, Westpac, got off relatively unscathed during the Royal Commission, despite admitting that it approved over 10,000 bad loans that never should have been approved[6]. But after the Commission report was handed down, it become public knowledge that Westpac had breached the Anti-Money Laundering and Counter-Terrorism Financing Act on over 23 million occasions. What's more, the money transfers they failed to report included many to known child sex trafficking operations in the Philippines and South-East Asia[7].

We always hated our banks, but now we know that Australian banks and the money-hungry people who run them are truly evil.

[1] Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, transcript of proceedings, 13 March 2018, pages 38-39.

[2] Banking royal commission calls for compensation, crackdowns and an overhaul of financial regulators.

[3] ASIC takes NAB to court over home loan 'introducer' scheme, open to a maximum $500 million fine.

[4] 'Pitiful payouts' from 'junk' credit insurance sold by major banks with loans and credit cards.

[5] CBA risks massive fines over anti-money laundering, terrorism financing law breaches.

[6] Westpac exposed to potential lawsuit over billions of dollars in irresponsible home loans.

[7] Westpac faces fines over 'serious and systemic' anti-money laundering breaches, AUSTRAC says.

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My comics: Irregular Webcomic! | Darths & Droids | Eavesdropper | Planet of Hats | The Dinosaur Whiteboard | mezzacotta
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