Royal commission hears money laundering could still be occurring at Crown Resorts
GERARD COCKBURN, 24 May 2021
Both Crown’s Southbank and Riverbank Investments accounts were closed in December 2019, after it came to light organised criminals were using the accounts to launder funds. Counsel assisting Meg O’Sullivan said the steps taken by the James Packer-backed casino group to stamp out financial crime were a “knee-jerk reaction” to a damning NSW inquiry, with Crown’s state of preparedness still “immature”.
The accusations are in despite of Crown claiming its compliance protocols relating to money laundering have been overhauled.
“It’s open to conclude that Crown’s first steps on its reform pathway are simply a knee-jerk reaction to the revelations of the Bergin inquiry,” she said.
“There are serious concerns about Crown’s ability to implement consistent, effective and sustainable reforms to address the past money laundering failures.”
