Banks in barrel of hypocrisy

The big banks claim they are at risk of being involved in criminal activity by servicing gun shops.

No go zone: The barrel of a rifle.

AUSTRALIA’S banks are refusing to service gun shops, claiming they are at risk of being involved in criminal activity.

One word springs to mind: hypocrisy. Is this really coming from the same institutions who mistreated thousands of clients, charged fees to dead customers, knowingly sold worthless products and generally acted solely in their own self-interest for decades?

The same banks facing penalties for money laundering and that failed to find payments used for child exploitation?

Banks are under pressure since the banking Royal Commission and several AUSTRAC investigations to clean up their acts, and make sure everything is above board.

No one denies they can — and should — do a lot better in reporting suspected criminal activity. But these latest moves to cut ties with the firearms industry go too far.

Essentially, banks such as National Australia Bank are refusing to service legal and vetted businesses, on the grounds that anyone, anytime, anywhere, might pose a risk of breaking the law. On that basis, no one should be able to get a bank account.

This approach is, yet again, tarring all firearms owners with the same brush. Gun shop owners, manufacturers, hunters shooters, farmers — it seems you’re all this close to being a criminal, as far as the banks are concerned. The real fear is where does it end?

This week also sees Animals Australia put more pressure on the banks not to fund livestock production, such as live exports and intensive farming.

These shortsighted policy changes – whether it be firearms, animal welfare or agriculture — present a real risk to just one person: the small business owner, the farmer, at the end of the line.