Debanking is alive and well in Australia. By Phil C..

Debanking is alive and well in Australia, we just don’t hear about it. It’s a frightening attack on our liberties against which we have little recourse. The banks are not required to advise reasons to those who they debank, and indeed the bank may be forbidden to do so, principally because so doing might alert some that they are on a watch list or are under investigation.

Consider the effect this outrage has on a citizen. He or she is essentially unable to function in the economy and will have to depend on cash savings and the good graces of family and friends. Those affected become a non-person, totally helpless. How can they afford a lawyer?

Is this a violation a sort of “Bill of Attainder”?

A Bill of Attainder is an act of a legislature that declares a specific person or group guilty of a crime and punishes them without the benefit of a judicial trial. This practice circumvents standard due process, effectively bypassing the courts and the separation of powers.”

Australia’s Constitution does not explicitly ban bills of attainder, but the High Court of Australia has ruled them unconstitutional.

Many Australian citizens, businesses, and organisations have been “debanked” — having their accounts suddenly closed or restricted by financial institutions. In some cases, the bank also debanked associates or family members. See here.

Targeted groups include:

• Sex Workers and Adult Industry: Many sex workers and brothel owners have had their personal and business accounts terminated by major banks due to prejudice or perceived anti-money laundering risks.
• “Extremist” Groups: Leading members of Australian neo-Nazi networks (such as the National Socialist Network) have had multiple bank accounts shut down and frozen by private sector banks.[Lesson: Populism not tolerated!]
• Fintechs and Crypto: Over 100 Australian fintech and cryptocurrency businesses have been cut off from banking services due to banks strictly enforcing risk-management and anti-money laundering policies. [Lesson: Don’t compete with the banks!]
• Individuals: High-profile figures, including media commentators and escort/business owners, have reported having their banking services abruptly cut with little to no explanation.

The legal framework governing debanking in Australia relies heavily on a bank’s freedom of contract and their risk-management duties under Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) legislation.

Debanking is a nightmare back door to tyranny. Individuals have nowhere to turn. There is no appeal through the courts. Just another power governments have to control us.

See also this post on Zerohedge, “The UK’s Latest “Debanking” Scandal Should Give Everyone Pause.”