Mossack Fonseca leak reveals Australia’s link in world-wide tax plot

Published: 4 Apr 2016

The Construction, Forestry, Mining and Energy Union says revelations of financial scandals from the Mossack Fonseca leaks are further evidence for the need for a national anti-corruption commission.

Australian banks were named in a world-wide leak disclosing a web of fraud, tax avoidance and money laundering that adds to the growing list of financial scandals plaguing Australia’s big banks.

CFMEU National Secretary Michael O’Connor said the fact that Australia’s big banks were named in the Mossack leaks proved there was a need for a broad anti-corruption commission to shine a light on all areas of society, including business and government.

“The Mossack leaks are further evidence that Malcolm Turnbull needs to establish a wide-ranging anti-corruption commission and not use unions and working Australians as bait to win an election,” Mr O’Connor said.

“Australia has recently seen the banks’ involvement in interest rate rigging, the CommInsure and financial advice scandals but still the Government refuses to reign in its mates in big business.

“Add to the recent bank scandals the political donations scandal involving the Liberal Party and the Free Enterprise Foundation and I think you have a solid case for establishing an anti-corruption commission to fight corporate and political corruption.”

The ANZ was referenced 7548 times in the leaked Moassack files, with some entries as recent as last year. ANZ has amassed a number of powerful corporate clients in the Pacific region with links to the offshore tax haven of Samoa.

The Commonwealth Bank, National Australia Bank and Westpac were also identified in the leaks.

“Malcolm Turnbull can no longer hide behind his politically motivated attack on unions and workers’ rights when it’s so obvious corruption has pervaded many parts of big business and government,” Mr O’Connor said.

“It’s time for the Government to drop its anti-union rhetoric and do what’s best for the community, not just the Liberal Party and the big end of town.”

Click here to sign the Australian Unions petition for a National Corruption Watchdog.