Westpac, one of the biggest banks found involved in money laundering and supplying funds to paedophiles is now using a ‘de-banking’ method to stop small businesses in its effort to create a ‘cashless’ society.
According to information obtained by the Citizens Party
‘Westpac have cancelled the personal, 30-year account of the small business de-banking victim whose case was raised with the banking regulator in Senate Estimates on 27 October. Senator Malcolm Roberts questioned the Australian Prudential Regulation Authority (APRA) about Westpac and the other banks’ aggressive de-banking of competitors to the banking system, citing the cases of Paul Thomas’s cash-in-transit business Commander Security and Michael Kukulka’s Melbourne Gold Company; APRA chairman Wayne Byres pledged to look into it. Not two weeks later Paul Thomas received letters from Westpac giving him two weeks’ notice they were closing the personal account with St George bank an account he’s had for more than 30 years; a joint account he has with a business partner; and ending withdrawal rights he has on a joint mortgage account he has with a relative.’
‘Paul said he feels like he’s being treated like a criminal: “These banks are defaming my character for reasons unknown”, he said. “I feel gutted, broken, confused—my whole life has been turned upside down.”’
De-banking is the latest weapon in the war on cash. Anything else that allows people to transact in the economy independent of banks is penalised as much as possible. This includes cash and virtual money such as crypto currency or bitcoin. The banks are determined to get rid of cash as a method of forcing everyone to transact through them. This is means aggressively targeting businesses that allow people to transact outside of banks and punishing them by de-banking. This includes such companies as ‘gold and silver bullion dealers, bitcoin and other cryptocurrency traders, and overseas cash remittance companies that especially serve ethnic communities’ (emphasis added). Although these companies compete with the banking system, they still need access to banking services to carry on their businesses and being deliberately de-banked has dire business consequences.
‘Moreover, if the banks ever succeeded in achieving a cashless economy, their power to de-bank won’t just lock people out of the banking system, but make it impossible for people and businesses to exist in the economy.’
A four major banks in Australia are now following ther same protection racket style of operation but when the banks de-bank customers, they make the mafia look tame. Melbourne Gold Company owner Michael Kukulka was de-banked, by all the major banks, who colluded to close his business accounts, personal accounts, credit cards, and the personal accounts of his employees and his family members whose names were associated with his company. Now Westpac is doing the same to Paul Thomas who owns a cash-in-transit business Commander Security who transports cash from banks to resupply ATMs, which banks by the way, are trying to shut down. His business is not a primary target of the banks, but a secondary target because he does business with the entities the banks are targeting for de-banking.
Westpac’s pathetic excuse for targeting Paul Thomas and other small businesses that use cash is that, after their record fine of $1.3 billion for breaching Anti-Money Laundering/Counter-Terrorism Financing (AML-CTF) laws, they are trying to be extra clean (how can you be ‘extra’ clean, your either clean or your not) by covertly shutting down other business they “think” may be money laundering. Amazing how the bank will accuse others of their ownb crimes. In fact the companies they are accusing are squeaky clean and scrupulously compliant with AUSTRA’ AME,-CTF requirements and always have been. Unlike the banks. But banks do not care, After all they will not go to jail, they ‘appear’ to be immune and sinply suffer a fine and rap on the knuckles.
Paul Thomas has been a life long customer of St George. He actually opened his account with Advance Bank before it became St George Building Society before being swallowed up by Westpac.
This new banking policy is reminiscent of the protection rackets that abounded in the US during the thirties.
This is a stark reminder of the results of concentrating power into a small number of large entities.
Even the Prime Minister is not immune from their power and has demonstrated his subservience to the banking industry. We have an oligopoly of banks in Australia.
The Citizens Party is developing legislation for a public post office savings bank, to provide basic banking services of taking deposits and making loans through post offices, and which will invest any surplus deposits in a complimentary national development bank for investment in infrastructure and industries that develop Australia. Join the fight to stand up to the corrupt power of the banks!
In a few days the Senate will votes on Senator Malcolm Roberts’ Banking Amendment (Deposits) Bill 2020, which would end the threat that Australian bank deposits could be “bailed in” once and for all. Parliament sits this week, which presents a unique opportunity to flood Senators and MPs with calls into their Parliament House offices, so that as people walk the long halls of Parliament House all they hear is phones ringing off the hook about one subject—bail-in. So it’s especially important this week that you call your MP and Senators straight away and demand they vote for the Banking Amendment (Deposits) Bill 2020.