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Fremantle Ports worker accused of fleecing millions before fleeing overseas

Another major corruption scandal has rocked the West Australian public service, with an arrest warrant issued for a Fremantle Ports worker and his wife who are believed to have fled the country. Police have also arrested and charged the couple’s children over their alleged involvement in a multi-million dollar rort. Read More

‘We need to guillotine it’: AUSTRAC given deadline for new Westpac claims

Financial crimes watchdog AUSTRAC has two months to add any new allegations to its blockbuster case against Westpac, as it investigates suspicious transactions from 272 customers who may have been involved in paedophilia. Federal Court Justice Jonathan Beach ordered the deadline on Wednesday ahead of a potential trial early next… Read More

Australia: Paul Whyte pleads guilty to corruption charges after $22 million public sector scandal

The sacked public servant at the centre of one of Western Australia’s biggest corruption scandals has pleaded guilty to hundreds of charges relating to the theft of more than $22 million in taxpayers’ money. Former Department of Communities senior bureaucrat Paul Ronald Whyte entered the pleas in writing because it… Read More

18th June 2020

ClubsNSW mounts defence in potentially lengthy legal battle against whistleblower

ClubsNSW has filed its defence against former employee turned whistleblower Troy Stolz, further signalling a potentially lengthy and expensive legal fight. Mr Stolz, who worked as an anti-money laundering compliance auditor for ClubsNSW, revealed the “alarming” scale of money laundering in pokies rooms at local clubs and pubs earlier… Read More

17th June 2020

Westpac under pressure to settle with AUSTRAC

The odds of Westpac settling the damaging AUSTRAC case for more than a billion dollars have shortened after the financial crime regulator showed it was willing to stick with the same strategy it used successfully just two years ago to extract a big penalty from Commonwealth Bank. As the two… Read More

17th June 2020

Western Sydney drug operation busted after seven-year international investigation

Police say they have foiled an international criminal drug syndicate allegedly linked to homes and businesses in Western Sydney after combining with law enforcement agencies in seven countries, including the FBI. Five men have been arrested after a seven-year long investigation into large-scale importation and sale of MDMA and ice… Read More

15th June 2020

Westpac Investigated Over Further Potential Child Abuse Links

Westpac Banking Corp. is being investigated over a further 272 customers linked to potential child abuse, and could face tens of thousands more breaches of anti-money laundering laws. Australia’s oldest bank last month admitted to the vast majority of 23.5 million breaches of money-laundering and terrorism financing laws… Read More

4th June 2020

‘Sins of Omission’ at Heart of Westpac Laundering Breaches

Westpac Banking Corp.’s board was slow to recognize systemic financial crimes risk, and management lacked the skills and expertise to handle the issues, a probe into Australia’s biggest breach of anti-money laundering laws found. There was an “immature and reactive” risk culture around anti-money laundering and terrorism financing laws… Read More

2nd June 2020

PayPal on crime-fighting crusade as virus drives online payment surge

PayPal says it will continue to work with local law enforcement agencies to prevent its platform being used by criminals, including COVID-19 scammers, as transaction volumes surge to record levels with the pandemic accelerating growth in online payments. During April, PayPal in Australia processed the highest number and value of… Read More

26th May 2020

Australia: Bank risk reviews a bad joke

The value of a prudential standard that demands banks review their risk management framework but does not require the bank or the regulator to act on it has been questioned by a Labor senator. Senator Deborah O’ Neill said confusion over the purpose of CPS 220 Risk Management rendered the… Read More

20th May 2020

Westpac dumps EY for risk review

Westpac has elected to dump EY for a review of its risk management processes three years after its last review found “known and ongoing risks” within the bank’s anti-money laundering systems including “poor data quality”, “manual workarounds” and “historical underinvestment”. The reviews are required under APRA’s CPS 220 and are… Read More

18th May 2020

Accused Mokbel money launderer linked to $10m bid to clean hands

A bankrupt underworld figure accused of cleaning money for drug kingpin Tony Mokbel is understood to have raised $10 million in funding for an ASX-listed company making a bid to sanitise the hands of the world. Skin Elements announced to the Australian Stock Exchange on April 16 that Carlton-based company… Read More

18th May 2020

Asia-Pacific drug trade thrives amid COVID-19 pandemic

Illicit drug markets in the Asia-Pacific continue to expand and diversify and appear to be largely unaffected by the coronavirus outbreak, the United Nations said on Friday. The production of methamphetamine, the most popular drug in the region, continues to hit record highs while prices fall to new lows in… Read More

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