10.21pm EST22:21
At the Senate inquiry into money laundering, Transparency International Australia’s chief, executive, Serena Lillywhite, has warned Australia is “highly exposed to money laundering and the flow of dirty money”.
The Senate legal and constitutional affairs references committee is considering whether anti-money laundering laws should be extended to lawyers, accountants and real estate agents.
Lillywhite said Australia is a “destination of choice for corruption-related proceeds” from countries such as Sudan, China, Russia and Malaysia which “too often ends up in the property market”.
She said:”Money laundering is not a faceless crime. It has devastating impacts in Australia and overseas. It can reasonably be argued it is pushing up property prices in Australia and locking Australians out of owning their own home.”
Lillywhite welcomed the Australian government’s introduction of director ID numbers, but wants much bigger reforms including a register of beneficial ownership.
In April 2016, Kelly O’Dwyer, then assistant treasurer, said “we agree there needs to be a registry of beneficial ownership in our country”, but ahead of the 2019 election the Coalition backflipped and said it was not policy to create one.
10.12pm EST22:12
Market Forces isn’t the only environmental group left unimpressed by the cap on oil and gas lending that big bank NAB announced this morning.
As we reported earlier, Market Forces said the pledge contained “tonnes and tonnes of loopholes and room for the bank to continue as usual” and amounted to greenwashing – something the bank denies.
Now, community group Lock The Gate has also taken a swing, with national coordinator Carmel Flint saying: “NAB’s new policy is so vague, we doubt it will do anything to reduce the bank’s willingness to finance polluting and destructive greenfield gas and oil developments.”
“They have left a huge loophole which allows them to fund new (greenfield) developments if companies claim the oil and gas is needed to meet domestic energy needs, despite companies regularly claiming that whilst sending most gas offshore.”
She called on NAB to rule out lending towards projects in four oil and gas areas: Narrabri in NSW, the Lake Eyre Basin in Queensland, the NT’s Beetaloo sub-basin, and WA’s Kimberley region.
“Australia is already awash with gas which we are shipping overseas – we don’t need any new development here, regardless of what gas companies claim it will be used for,” she said.
Updated
at 10.20pm EST