Anonymous ID: f402a0 June 6, 2021, 6:08 p.m. No.13846604   🗄️.is 🔗kun   >>6782 >>6833 >>6889 >>6990 >>6997 >>7049 >>7097 >>7227

Yellen Admits Inflation Is About To Surge, Says It Will Be A "Plus For Society"

 

Last week, when Biden released his $6 trillion budget, we asked if it was a joke that the BIden budget saw just 2.1% inflation in 2021 and 2022.

 

Fast forward to this weekend, when Fed Chair Treasury Secretary Janet Yellen addressed our rhetorical concern, and following the G7 finmin meeting in London where the world's most advanced nations agreed to impose a 15% minimum corporate tax rate (with zero enforcement provisions), said that contrary to the Biden Budget, inflation could climb as high as 3% this year in what the WaPo said was "the first time the Biden administration projected what inflation could be through 2021", which by the way is dead wrong since Biden's budget just last week predicted only 2.1% CPI in 2021.

 

https://www.zerohedge.com/markets/yellen-admits-inflation-about-soar-says-it-will-be-plus-society

Anonymous ID: f402a0 June 6, 2021, 6:23 p.m. No.13846733   🗄️.is 🔗kun   >>6782 >>6833 >>6889 >>6990 >>6997 >>7049 >>7097 >>7227

NAB, Crown, SkyCity face AUSTRAC money laundering investigations

 

National Australia Bank, Crown Perth and SkyCity are all facing the possibility of multi-million-dollar penalties for potential breaches of anti-money laundering laws.

Key points:

 

Crown Perth is now facing a money laundering investigation by AUSTRAC

SkyCity Adelaide is also being investigated for potential breaches by the financial crimes regulator

And NAB has been referred to AUSTRAC's enforcement team due to "potential serious and ongoing non-compliance" with anti-money laundering laws

 

In separate statements to the ASX this morning, NAB, Crown and SkyCity told investors that they had been referred to AUSTRAC's enforcement team following the identification of potential "serious non-compliance" with anti-money laundering and counter-terrorism financing laws.

 

AUSTRAC is the federal financial regulator tasked with preventing organised criminals and terrorists using banks and other regulated companies that handle money to facilitate their operations.

 

Crown's casino in Melbourne was already under scrutiny for practices that may have facilitated money laundering.

 

SkyCity's Adelaide casino is under scrutiny for potential failures in the casino's treatment of high-risk and politically exposed customers in two periods, July 2015 to June 2016 and July 2018 to June 2019.

 

The casino operator said it was in discussions with AUSTRAC and no decision had yet been taken by the regulator about whether, and what, enforcement action might be taken.

 

NAB said it has publicly disclosed its ongoing discussions with AUSTRAC regarding potential non-compliance since 2017.

 

It added that since June 2017, NAB had spent around $800 million in a multi-year program to improve its fraud and financial crime controls and employed more than 1,200 staff in that area.

 

The bank noted that AUSTRAC had a wide range of enforcement options available to it, including civil penalties (fines), enforceable undertakings (where the bank promises to do, or not to do, certain things), infringement notices and remedial directions.

 

Money laundering breaches have resulted in Australia's biggest corporate penalties, with Westpac paying a $1.3 billion fine last year and the Commonwealth Bank agreeing to a $700 million fine in 2018.

 

https://www.abc.net.au/news/2021-06-07/nab-crown-face-austrac-money-laundering-investigations/100194862