Gaping holes in the anti-money laundering systems of Australia's big banks are being exploited by crime groups to wash up to $5 million in drug cash a day, according to confidential briefings by federal and state policing agencies.
New details of police investigations reveal that the big four banks – Westpac, ANZ, NAB and CBA – have all been used by money laundering syndicates to launder drug funds offshore. .
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The Age
Nick McKenzie is an Age investigative journalist who has twice been named the Graham Perkin Australian Journalist of the Year. A winner of 16 Walkley Awards, including the Gold Walkley, he investigates politics, business, foreign affairs and criminal justice. Email Nick at nickmckenzie@protonmail.com
Richard Baker is a former multi-award winning investigative reporter for The Age.
Georgina Mitchell is a court reporter for The Sydney Morning Herald. Connect with Georgina on Twitter.
