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November 18, 2022

3

#AusReadingMonth2022 The Lucky Laundry

by N@ncy

 

 

The Lucky Laundry by Nathan Lynch by Nathan Lynch (no photo)

Genre: nonfiction (333 pg)
Rating: A
Review: The Lucky Laundry (ISBN: 9781460759912)

 

Good news: #AusReadingMonth2022 in November @bronasbooks coincides with my love of interesting non-fiction. Thanks to Nathan Lynch a dogged and intrepid financial investigator…we learn that not only are there brushfires in the Australian outback…but also at the most profitable bank in the country: CBA (CommBank). Corporate heads roll….and in 2018 CommBank agree to $700m to settle civil proceedings relating to breaches of anti-money laundering and counter-terrorism financing laws. Who can you trust…if you can’t trust your bank!

 

Good news: Learned 3 easiest ways to launder money!
1. a legitimate business and declare the dirty money as revenue.
2. buy real estate using obfuscatory legal mechanisms.
3. But the easiest is through gambling.
Laundering money in a casino is surprisingly simple. Walk in with a bag of “dirty” cash. Convert it into chips. Play for a while – win a bit, lose a bit – then cash out. So… now you know!

 

Bad news: In the beginning the book does not “read like a novel” but don’t stop reading! Chapter 12 is when the human side is exposed…and sparks start to fly! Two first generation migrant men face-off at a Sydney boardroom table. One is the head of AUSTRAC responsible for preventing, detecting and responding to criminal abuse of the financial system and the other head of Australian’s most powerful bank. We learn how their migrant backrounds intertwine!

 

Good news: Lynch explains the nuts and bolts of the criminal network and who the winners and losers are in these schemes. Australia is known as one of the BEST multi-billion -dollar washhouses. A lucrative business “professional money launderer”…..but your life could be snuffed out very easily if you cross the line with the “big guys” in the business!
This book is very interesting because it tears the curtain away and we see what happens when the “criminal money wizards” are at work!

 

Personal: The ‘hook” is the first few chapters about Asian money laundering in Australia from China or Viet Nam. Fascinating info! But the book gets even better when a powerful bank is brought too its knees! 778,370 CommBank customer accounts were not properly monitored for three years and that some accounts were not even monitored after they were suspected of being used for money laundering. OUCH!
Strong point: Nathan Lynch has highlighted financial crime without making the narrative textbook dull. We learn about the high rollers who gamble rashly for high stakes (criminals)…or gamble for high profits for shareholders (bankers). #SuperInteresting

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3 Comments Post a comment
  1. Nov 18 2022

    This has been in the news quite a bit of late with the goings on in big casinos – lots of inquiries, some sackings, some fines….and then they get their licences back. Very frustrating, and predictable!

    Like

    Reply
    • Nov 18 2022

      Corruption…nobody does anything about it because money laundering is crucial for the drugs underworld…casino’s are the new “too big to fail”.
      Thanks for your comment…looking forward to your next “rumble” with VOSS in the desert!

      Liked by 1 person

      Reply
      • Nov 18 2022

        We’re getting on better again this week. But he’s not an easy person to spend time with!!

        Like

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