Australia’s NAB faces money laundering probe
ishwarkimmins, 07 June 2021
The National Australia Bank is being investigated by national financial crime regulators for breaking money laundering laws as part of a broader crackdown on organized crime.
Australia’s third-largest market capitalization company said Monday that Australia has begun a formal investigation into its compliance with anti-money laundering and anti-terrorism laws. The casino groups Crown Resorts, Star Entertainment Group and Sky City Entertainment Group are also under investigation, he said. The investigation is part of an extensive campaign by authorities aimed at organized crime revenue, focusing on financial institutions, casinos and crypto exchanges.
Nicole Rose, CEO of Austrac, said the agency’s efforts involve all levels of government and the financial sector.
“It is only these combined efforts that have led to criminal investigations and convictions that impede the ability of criminals to benefit from crime. If a system or process fails, Australia has our regulatory and enforcement powers. Don’t hesitate to take advantage of it, “she says. Opinion piece In an Australian newspaper.
