Money laundering cop AUSTRAC to face grilling under new financial crime inquiry
Charlotte Grieve, 23 June 2021
The financial intelligence watchdog and big four banks will be probed under a new parliamentary inquiry designed to measure the efficiency and adequacy of the Australia’s anti-money laundering regime.
The Senate approved a motion brought by Labor Senator Deborah O’Neill on Wednesday to launch a formal inquiry into the effectiveness of the laws, regulators and companies tasked with stamping out illicit fund flows. Continue reading “Article: Money laundering cop AUSTRAC to face grilling under new financial crime inquiry”
Austrac Accuses Australian Casinos of Money-Laundering
Niji Narayan, 08 June 2021
The Australian Transaction Reports and Analysis Centre (Austrac), a state-run financial intelligence organization, has leveled allegations against many of the major land-based casinos in the country.
Crown Resorts, Star Entertainment and SkyCity Entertainment Group are among those who have received notices. Austrac has also reportedly contacted National Bank of Australia (NAB) regarding the matter. Continue reading “Article: Austrac Accuses Australian Casinos of Money-Laundering”
Australian financial crime watchdog widens probe on casinos already reeling from COVID
Reuters, 07 June 2021
SYDNEY (Reuters) – Australia’s anti-money-laundering agency on Monday widened a probe into due diligence at casinos to include the three biggest operators, ratcheting up pressure on a sector already struggling with the pandemic and heightened regulatory scrutiny.
Months into an investigation of top player Crown Resorts, the Australian Transaction Reports and Analysis Centre (AUSTRAC) said it was formally looking into possible breaches of background check rules at rival Star Entertainment Group and New Zealand’s SkyCity Entertainment Group.
That means owners of casinos in Australia’s five most populous cities now face enforcement investigations that could carry fines or restrict their licences. Continue reading “Article: Australian financial crime watchdog widens probe on casinos already reeling from COVID”
Call for royal commission into SkyCity Adelaide amid AUSTRAC investigation
abc, 07 June 2021
Two South Australian MPs have called for a royal commission into the operations of the Adelaide casino similar to those underway into Crown in Victoria and Western Australia.
SkyCity revealed this morning it was being investigated by financial crime watchdog AUSTRAC over serious non-compliance relating to money-laundering and counter-terrorism financing laws in its Adelaide operations. It runs the Adelaide casino as well as three others in New Zealand. Continue reading “Article: Call for royal commission into SkyCity Adelaide amid AUSTRAC investigation”