If businesses behave anti-competitively, others, including consumers, have to bear the cost of their illegal profits.” “Most businesses in Australia compete fairly and earn their profits honestly, as they are required to do under the Competition and Consumer Act. Such cartel behaviour cheats consumers, and does damage to other businesses and the economy as a whole,” Mr Sims said. “Price fixing involves competitors agreeing on a price rather than competing fairly against one another.
“Money transfers are an important aspect of international trade and travel and are also used by migrants sending money back home.” “This alleged behaviour is extremely serious and relates to over two thirds of all the number of money transfer transactions, and almost a quarter of the amount of money transferred, from Australia to Vietnam during the relevant period,” ACCC Chair Rod Sims said. The World Bank estimates that in that period, remittances from Australia to Vietnam totalled about $700 million a year. The charges relate to exchange rates and transaction fees charged when sending money from Australia to Vietnam between 20. The charges arose from a joint ACCC and Australian Federal Police investigation into alleged price fixing by several Sydney and Melbourne money transfer businesses. Criminal cartel charges have been laid against a money transfer business and five individuals for allegedly fixing the Australian dollar / Vietnamese dong exchange rate and fees they charged their customers.
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