BANKING BAD

In a scoop published across Fairfax papers today, Nick McKenzie, Richard Baker, and Georgina Mitchell have revealed details of an investigation into massive money-laundering operations taking advantage of lax security and screening by Australian banks. Citing the work of “federal and state policing agencies”, the story says as much as $5 million in drug cash is being laundered through the banks every day.

Among the major revelations is that mid-tier banks may have been infiltrated by crime syndicates. Problems with oversight of customers have impacted all the big banks, which are likely to be in breach of “know your customer” rules, according to former Commonwealth Asset Confiscation Taskforce national director Nick McTaggart.

In one example, Hong Kong man Ka Sing Lai moved $29 million out of Australia via the Commonwealth Bank and Westpac by having people make smaller deposits to a number of branches. He was eventually caught and jailed for 10 years.

The investigation has raised fresh concerns that banks are failing to do their due diligence and that laws intended to prevent money laundering — for instance, a prohibition on banks telling clients they are under investigation from AUSTRAC — could be backfiring and actually enabling the activity.

GHOSTS OF PMs PAST

The Coalition’s last two prime minister have made major appearances in News Corp papers today, with John Howard and Tony Abbott going on the record about same-sex marriage and the anniversary of Malcolm Turnbull‘s return to the Liberal leadership.

Howard is quoted in today’s Australian digging into the government for attempting to “wash its hands of any responsibility” to outline protections for religious groups and free speech before the marriage postal survey went ahead. The No side is now focusing intensely on supposed threats to freedoms inherent in legislating marriage equality, although a story in Fairfax today notes that a couple in Ballarat have had their wedding cancelled by their own church after the bride expressed support for same-sex marriage on her Facebook page. Free speech and all that.

Over in The Daily Telegraph, Abbott has given a long and frankly glorious interview about the anniversary of his toppling. According to the story:

“Asked if he felt he had failed as prime minister before his untimely end as leader, Abbott said, while he had made mistakes in the role, perhaps his principal political failing was his inability to manage Turnbull.”

Abbott has also opened up on his mistakes as PM, but, to borrow a line from every clickbait headline in the world, it’s not what you’re expecting. Among his big regrets Abbott listed scrapping the debt ceiling, not giving deeper consideration to nuclear submarines, and his choice to crack down on parliamentary entitlements. And then there’s the onion (see below).

MURPHY AND ASSOCIATES

Federal Parliament has released a massive trove of documents from an investigation into Gough Whitlam‘s attorney-general and High Court judge Lionel Murphy. Among the information unearthed by the never-before-published (and never completed) inquiry are allegations of bribery and details of Murphy’s dealings with underworld figure Abe Saffron.

One of the many allegations is that Murphy assisted Saffron to acquire a lease of Luna Park from the NSW Labor state government headed by Neville Wran.

THEY REALLY SAID THAT

“I probably shouldn’t have winked at Neil Mitchell. I probably shouldn’t have eaten an onion. I probably should have had walk coaching.”

Tony Abbott has learnt a lot since his fall from the top job two years ago. Marking the anniversary he opened up to Sharri Markson of The Daily Telegraph.

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WHAT’S ON TODAY

Canberra: Lawyers for Fiona Nash and Nick Xenophon will appear before the High Court in the first citizenship hearings.

Canberra: Foreign Minister Julie Bishop will speak at a UN Association conference.

Brisbane: Union groups will hold a demonstration supporting a Yes vote in the same-sex marriage survey.

Sydney: NSW Premier Gladys Berejiklian will speak at the Australia Israel Chamber of Commerce.

Melbourne: The Melbourne Press Club farewells Laurie Oakes.

THE COMMENTARIAT

Environment and energy debate: back to the future as old battlelines re-emerge — Mark Kenny (Sydney Morning Herald): “The expansive optimistic government that would honour voters with sophisticated arguments, has reverted to a narrow fear-invoking affair, its eye trained keenly on political dividends.”

Time capsule reveals rank smell of NSW politics 30 years ago — Dennis Shanahan (The Australian $): “The inquiry finds Murphy was using his political connections before and after joining the High Court to seek favours great and small for those in the know from those in power.”

Get set for a media shake-up — Max Mason (Australian Financial Review $): “If Lachlan Murdoch can’t get his hands on Ten – and there’s a very good chance he won’t – News Corp may have little opportunity to take part on media consolidation.”

CRIKEY QUICKIE: THE BEST OF YESTERDAY

Clinton’s book proves she is a compassionate, deeply delusional person — Helen Razer: “In fact, Clinton is sorry for very little at all. She mock-apologises for the talks she gave to Wall Street, where she assured bankers that she had both a “private and public position” on economic matters. She is not sorry for speaking with them so intimately or accepting their generous fees, but she is sorry only for “bad optics”.”

How the Greens outfoxed the Coalition and might have killed the citizenship changes — Sally Whyte: “The kicker? A number of government senators were absent, missing their chance to quash the motion late yesterday afternoon.”

What we learned in the court case to release Queen’s secret Dismissal letters — Jenny Hocking: “For the next eight months, Turnbull simply refused to answer, despite being twice prompted by the Speaker to do so. Finally, on the eve of the hearing in the Palace letters case last week, the Prime Minister’s office responded: “Discussions/communications between the Prime Minister and Her Majesty the Queen are confidential.” Turnbull’s resort to Royal secrecy could not have been more fitting.”

Not so funny anymore: Cash appointed Hadgkiss knowing of his behaviour — Bernard Keane: “But not merely did Cash know about Hadgkiss’ actions nearly a year ago and do nothing about them — such as, for example, ask him to stand aside. She then appointed Hadgkiss as head of the ABCC on December 2, 2016, using the transitional provisions of the ABCC bill to continue his appointment by Abetz in the new body when it was established.”

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