The Reserve Bank of Australia has been involved in the payment of multimillion-dollar commissions to shady middlemen in its drive to win banknote printing deals with foreign governments.
Securency Pty Ltd, a Melbourne-based banknote supplier half-owned by the RBA, has made a substantial number of "commission" payments to agents, including some previously implicated in corruption scandals.
The company, which has supplied polymer material to print money in Australia and 26 other countries, is chaired by the RBA's assistant governor, Robert Rankin. Its board has another two RBA appointees, as well as executives from British firm, Innovia Films, owner of the other half of Securency.
Some of Securency's agents are closely tied to government or central bank officials in countries ranked by Transparency International as highly corrupt.
Several agents have been named in official corruption investigations in Africa and Asia. At least one has a criminal conviction for fraud. Read more.