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Austrac flags tough action after being ‘flooded’ with money laundering breaches

The nation’s anti-money laundering regulator warns it is likely to take more action against Australia’s top financial institutions after being “flooded” with reports of potential breaches following its landmark case against the Commonwealth Bank. Austrac chief executive Nicole Rose said the 2017 case against CBA over its mass breach of… Read More

Court Rules Leaked Documents Are Fair Game in Tax Case Against Glencore

Australia’s top court has rejected a move by one of the world’s most profitable companies to stop government officials from using leaked documents to assess its tax bill. Australia’s High Court ruled unanimously on Wednesday that commodity giant Glencore could not rely on “legal privilege” to prevent the Australian Tax… Read More

The Star casino roped into Crown controversy over links to junkets

An Asian money launderer used a Star Entertainment casino account in Sydney to send more than $400,000 offshore in a transaction tracked by Australian Federal Police investigators. The money was destined for Macau multi-millionaire casino tycoon, Alvin Chau, whose high-roller travel business, known as a junket, is licensed and paid… Read More

7th August 2019

Commonwealth Bank profits slump as compliance bill surges by $1bn

Profits at Australia’s biggest bank, the Commonwealth, have slumped by 8.1% after the bank laid out an extra $1bn to compensate customers it has ripped off. The bank, which was at the centre of a series of financial scandals that helped prompt last year’s Hayne… Read More

6th August 2019

Crown investment companies were used to launder drug funds, authorities believe

Drug traffickers have used two private companies which were set up by Crown Resorts with Crown executives as directors to bank suspected proceeds of crime, federal investigations have alleged. Investigators traced money from a number of suspected or convicted drug traffickers and money launderers flowing into the bank accounts of… Read More

1st August 2019

‘More teeth than Jaws’: Jacqui Lambie considers ultimatum over stronger integrity commission

The Tasmanian independent Jacqui Lambie says she will consider telling the Morrison government “where to stick their bills” if the Coalition continues to pursue a suboptimal federal integrity commission. Lambie made the threat during a show of unity by parliamentary crossbenchers on Wednesday about the necessity… Read More

31st July 2019

Chinese President Xi Jinping’s Cousin Draws Scrutiny of Australian Authorities

Australian law-enforcement and intelligence agencies are scrutinizing the activities of one of Chinese President Xi Jinping’s cousins as part of broad probes of organized crime, money laundering and alleged Chinese influence-peddling, according to Australian officials. Among other things, police are looking into the alleged 2017 use by the cousin, Ming… Read More

31st July 2019

The Crown allegations show the repeated failures of our gambling regulators

By Charles Livingstone, Monash University Regulatory failure has been a hot topic in Australia recently. Royal commissions into the financial and aged care sectors have revealed major regulatory failures. The harm done by these oversights has been significant. Regulation is not just red tape. It protects… Read More

30th July 2019

Integrity investigation ordered into Government and Crown Casino handing of foreign visitors

Commonwealth authorities and Crown Casino will face an integrity investigation amid allegations about efforts to lure Chinese gamblers to Australia. Attorney-General Christian Porter said he had referred allegations about Crown Casino to the Australian Commission for Law Enforcement Integrity. Crown has been the subject of a Nine News investigation… Read More

29th July 2019

Andrew Wilkie calls for parliamentary inquiry into Crown Resorts

Crown Resorts is facing calls for a federal parliamentary inquiry after days of revelations about its flagship Melbourne casino and payments to a brothel owner and alleged money launderer. Tasmanian independent MP Andrew Wilkie said Prime Minister Scott Morrison and Opposition Leader Anthony Albanese should back the joint… Read More

23rd July 2019

Banker Bonuses Face Crackdown in Australia After Scandals

Bank executives in Australia may have to wait as long as seven years to receive their bonuses and face a greater emphasis on improving culture and governance, under regulatory proposals spurred by a string of scandals across the financial industry. In other changes, financial measures will account for no more… Read More

11th July 2019

Australia’s Westpac, ANZ, NAB slapped with tougher capital requirements

Three of Australia’s biggest banks will have to set aside an additional A$500 million ($348 million) each until they have strengthened risk management and reimbursed customers for wrongly charged fees, the prudential regulator said on Thursday. Westpac Banking Corp (WBC.AX), Australia and New Zealand Banking Group Ltd (… Read More

11th July 2019

Three arrested in connection with alleged money laundering syndicate worth $80m

Police investigating large-scale drug supply and organised crime in Sydney’s south-west have now blown the lid off an unrelated alleged money laundering syndicate worth $80 million. In February last year detectives from the Criminal Groups Squad launched an investigation into an alleged criminal group that was linked to organised crime… Read More

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