Cover Up
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YEAR: 2018 | LENGTH: 1 part (46 minutes) | SOURCE: 4CORNERS
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The Reserve Bank of Australia is meant to maintain stability in the nation’s financial sector. It is supposed to be above reproach in its behaviour. But is it?
Why did bank-appointed officials and employees break sanctions in Iraq and cosy up to Saddam Hussein through a “front man”? Why did a former Deputy Governor and other directors hand-picked by the Reserve Bank to safeguard its subsidiary companies from corruption, end up — over a decade — overseeing some of the most corruption-prone business practices possible? Why did they allow millions of dollars to be wired to third parties in foreign countries, including an arms dealer, in order to win banknote contracts in deals police now allege involved bribery and corruption?
Next week on Four Corners two whistleblowers-turned star police witnesses from RBA companies, Note Printing Australia and Securency, reveal for the first time how they discovered bribes were allegedly being paid… and how the most senior figures in Australia’s worst corporate corruption scandal got away with allegedly egregious governance failures.
“That someone can get away with it so blatantly, a board, and a chairman… you know it, it’s not right.” Whistleblower
For the past four years the Governor of the Reserve Bank, Glenn Stevens, has maintained that neither he nor officials knew about the alleged payments before 2009. We find out exactly who knew what and when.
Until now the Federal Police and the corporate watchdog, the Australian Securities and Investments Commission (ASIC), have been unwilling to investigate board members of the Reserve Bank companies, despite evidence that some of them allegedly failed in their duties, allowing corruption to flourish.
“This is the worst corruption scandal in our history, not because of the amount of money that’s been involved, but because the most respected institutions of our country have failed to discharge their responsibilities to the public.” Dr David Chaikin, University of Sydney Business School
SIMILAR TITLES:
Hacked: The Bangladesh Bank Heist
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Hacked: The Bangladesh Bank Heist
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YEAR: 2018 | LENGTH: 1 part (26 minutes) | SOURCE: ALJAZEERAdescription:
How hackers got away with one of the biggest thefts in history, robbing Bangladesh’s central bank of more than $80m.
It was a daring raid. Tens of millions of dollars stolen from Bangladesh’s central bank via the Federal Reserve Bank of New York, transferred to accounts in the Philippines and then laundered through the Philippine casino system.
The money, and the thieves, then vanished. And it was all done online. In this comprehensive investigation spanning several countries, 101 East examines one of the biggest bank robberies in modern times, to find out how cyber-hackers infiltrated the global banking system, and got away with it.
The crime stunned the then-governor of Bangladesh Bank, Atiur Rahman. “It was like a terrorist attack, into the central bank,” he says. “I couldn’t believe it … because nothing like that … ever happened.”
The robbery prompted investigations in the Philippines, Bangladesh and by the FBI. It revealed weaknesses in the supposedly secure global money transfer system known as SWIFT, which banks use to move billions of dollars daily between themselves.
The heist also exposed the murky banking system of the Philippines, where some of the world’s toughest bank secrecy laws make the country vulnerable to potential corruption and money laundering. And it drew attention to the country’s casinos, which are exempt from anti-money laundering laws, and not required to report suspicious transactions.
101 East exposes how cyber-hackers got away with one of the biggest bank thefts in history, robbing Bangladesh’s central bank of more than $80m.SIMILAR TITLES:
Philippines: Disaster Capitalism, Inc.
Bangladesh’s Biggest Brothel
Myanmar’s Youngest Maids
How the Rich Get Richer: Money in The World Economy
Zeitgeist Moving Forward
Cover Up
This entry was edited (4 years ago)
