OPINION: The fight against the washing of dirty money began with good intentions in 1989. Three decades later it is judged to be a massive failure.
, a clear-eyed analysis of how Britain laid out the red carpet for oligarchs, kleptocrats and gangsters.
“There’s zero evidence that crime is reduced as a result of all this AML. The best estimates say that over 99 per cent of the world’s cross-border, illicit funds is all happily proceeding along.“So, we’re in a system where if you have a child who wants to go to Oxford University, that child will have more trouble opening a £5000 bank account with a British bank than a Russian kleptocrat would have putting £5 billion in the same British bank.
“But in Australian gaming, a casino licence means I only have to say, I’m sorry. I don’t actually have to do anything, or lose anything. And the state regulators will say to a casino owner: ‘Oh, you’ve been bad, you can have a licence, but please sell your business for $5 billion to the next guy’.” Lack of questioning of the regulatory paradigm is a function of the incentives in the AML ecosystem for hundreds of thousands of businesses and professionals, according to Pol’s paper.
Littrell is scathing in his criticism of Australia’s AML enforcer, AUSTRAC. He says that if the media reports are accurate, it was missing in action throughout the Crown and Star money laundering, which includedAlso, he says the AUSTRAC action against Westpac in 2020 for breaches of AML laws was “the most chickenshit global AML enforcement I have seen anywhere”.
“Redirect your effort to focus on illicit assets starting with currency notes – 80 per cent of the value of US currency is in $100 notes. If you go to America, you never see them. But they turn out close to $150 billion a year of $100 notes, it’s their most lucrative export.
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