Four Corners on Gangsters in recycling industries / Krisis Vat Krrrisis
“That isn’t politicking, it is doing my job to support society’s most vulnerable, as my community expects.” Martin Plaace as Crime Scene - Community Awareness started with a tent
Special moments occur in history when certain lives and circumstances intersect - as if ordained by a higher power - and the world is enriched because of those intersections.
This is not 1977 Pre Berlin Wall: This is 2017 AD: As Germany accuses Vietnam of abducting businessman from Berlin
CBA poached an AUSTRAC director in August 2015 who had worked at AUSTRAC for five years as a front-line director regulating anti-money laundering and counter-terrorism financing across a number of entities, including the banks. He left CBA in April this year.
The bank also hired AUSTRAC's anti-money laundering/counter-terrorism finance senior manager, enforcement, as head of financial crime policy and regulatory engagement, as well as the regulator's anti-money laundering/counter-terrorism finance manager, compliance.
AUSTRAC refused to comment on the cluster of departures to CBA at a critical time in its investigation. Each of the four individuals were contacted for comment but either failed to respond or passed the query on to CBA.
Banks hiring regulators isn't unusual. There is a revolving door of gamekeepers turned poachers who have left ASIC and APRA for the higher-paying jobs in the banking sector. Sometimes it goes the other way. Indeed, in April this year AUSTRAC boss Paul Jevtovic announced his resignation to join HSBC as head of financial crime threat mitigation, Asia Pacific region.
Some believe the revolving door strengthens the industry, while others believe it can create conflicts of interest or regulatory capture. Andy Schmulow, a senior law lecturer at the University of Western Australia, who had a short stint working at APRA in 2013, says his sense is the revolving door with ASIC and the banks has facilitated regulatory capture. "Whether this was the intention with recruiting staff from AUSTRAC I don't know. But if it was, it has failed spectacularly."
In 2015, the Swiss watchdog Finma introduced rules preventing senior staff working for a company they were responsible for overseeing within 12 months of leaving the regulator.
Whatever the case, the knowledge of how AUSTRAC works, the relationships, contacts and expertise in the area is undoubtedly an attractive skill set for the private sector. How effective that may be depends on the systems it has in place, as was so presciently outlined to the industry by APRA in 2001
In 2084 there is a worldwide resurgence of interest in 1984 (because of That Dreadful Man and the era of Fake News), and it’s often admired as a prophetic novel. But apparently the book was instantly popular when it was first published in 1949 because Orwell was writing about his own times, about the rise of fascism during the Depression and the dangers of totalitarianism. 1984 was a warning that it could happen again. But on his deathbed, Orwell contacted his publisher Warburg because he was concerned that the book was being misinterpreted as anti-Communist propaganda, and he demanded that Warburg put out a statement to the effect that the book was a warning that people everywhere – including in democratic states – need to be watchful, to guard their freedoms, and that it all depends on us to do that.
Vaclav Havel's Legacy, Through The Lenses Of Friends
Friends of former Czech President Vaclav Havel marked his 80th birthday on October 5th with several memorial events. Havel, who died in 2011, went from being a jailed playwright to Czechoslovakia's first postcommunist leader. Two of his friends, photographers Bohdan Holomicek and Tomki Nemec, captured intimate moments from Havel's private life as he evolved from communist-era dissident to head of state.
“I am unwilling to believe that this whole [modern human] civilization is no more than a blind alley of history and a fatal error of the human spirit. More probably it represents a necessary phase that man and humanity must go through, one that man – if he survives – will ultimately, and on some higher level (unthinkable, of course, without the present phase), transcend“ (Havel 1991a, p. 286; 1999, 4, p. 507).
Vaclav Havel at age 38 outside his country cottage in Hradecek, North Bohemia
Vaclav Havel at age 38 outside his country cottage in Hradecek
Havel at Prague Castle in the early days of his presidency, on February 25, 1990.