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Credit Suisse Missed Many Warnings Before Greensill’s Collapse

Long before Credit Suisse Group AG was forced to wind down a $10 billion group of funds it ran with financier Lex Greensill, there were plenty of red flags. Executives at the bank knew early on that a large portion of the assets in the funds were tied to… Read More

More AUSTRAC bumper fines on the way, PwC warns

PwC’s financial crimes specialist Peter Forwood says AUSTRAC-regulated entities should brace themselves for more billion-dollar fines as eye-watering penalties now form a central part of the enforcement strategy. Mr Forwood said he expected AUSTRAC to continue the strategy that forced two Australian banks to cough up $2 billion in penalties. Read More

Revealing the dubious links of an Australian company in troubled Myanmar

When Myanmar’s military dictatorship imprisoned the country’s democratically elected leader, Aung San Suu Kyi, earlier this month, one of the ramifications was the trading halt on the Australian Stock Exchange of a small Australian listed mining company, Myanmar Metals. The company’s key asset – a silver and lead mine in… Read More

23rd February 2021

Third Australian state to hold powerful inquiry into Crown Resorts

Australia’s Victoria state said on Monday it would hold a royal commission inquiry into casino operator Crown Resorts Ltd and its fitness to hold a gambling licence, extending the fallout since media accused it of ties to money laundering. A week and a half since another state regulator found Crown… Read More

23rd February 2021

Australia: $1m in cash seized as man arrested over alleged money laundering via cryptocurrency

A man who police allege is the head of a multimillion-dollar money laundering syndicate has been arrested after officers stopped his car in Sydney’s inner west and allegedly found $1 million in cash inside. Cybercrime detectives began investigating a criminal syndicate’s alleged money laundering via cryptocurrency in October last year. Read More

19th February 2021

Cambodian Elite Park Millions in Australia

For decades, Cambodians fleeing successive autocratic governments have found sanctuary in Australia. But over the last five years, some of the current regime’s closest allies have begun to follow its victims to the Land Down Under, taking with them the vast wealth that flows to those with proximity to power… Read More

17th February 2021

Australian Olympian Scott Miller charged after $2 million of ice allegedly found inside candles

Former Olympic swimmer Scott Miller is accused of heading a criminal syndicate after police allegedly found $2 million of the drug ice hidden inside candles. Mr Miller, 45, is one of two men arrested during early morning police raids in Sydney’s inner west today. Detectives from the State Crime Command’s… Read More

17th February 2021

Crown’s Crisis Deepens as Regulator Recommends Perth Probe

The crisis enveloping Crown Resorts Ltd. deepened after a state regulator recommended an inquiry into the company’s fitness to run its Perth casino. Hours after Crown was formally found unsuitable to operate a Sydney casino, Western Australia’s gaming watchdog proposed an independent investigation into the company’s Perth operations. A… Read More

16th February 2021

Crown Resorts chief Ken Barton resigns amid money laundering scandal

The chief executive of Australian casino group Crown Resorts has quit amid a scandal over money laundering allegations within its casinos. Ken Barton’s departure follows that of several other company directors. Last week an inquiry found Crown was not fit to hold a gaming licence in New South Wales, meaning… Read More

15th February 2021

Whistleblower warns NSW gambling card at risk due to industry’s ‘massive’ lobbying power

A whistleblower has warned the “massive” lobbying power of RSL, sporting and leagues clubs will leave proposals for a gambling card “dead in the water before it gets off ground”. Troy Stolz, a former ClubsNSW anti-money laundering and counter-terrorism financing manager, blew the whistle last year on the extent of… Read More

11th February 2021

Hundreds of millions believed laundered at Crown Casino Perth through $2 shell company

International criminal organisations are believed to have been using a $2 shell company to launder money at Crown Perth from at least 2014. As the bombshell report of the NSW inquiry into casino operator Crown has outlined, the company called Riverbank Investments Pty Ltd was the conduit for hundreds of… Read More

10th February 2021

Reform looms for Victoria’s ‘lap dog’ gambling watchdog

The former chief of Victoria’s gambling regulator says the watchdog’s public servants are too preoccupied with the administration of liquor licences to properly police Crown casino. Peter Cohen, who ran the Victorian Commission for Gambling and Liquor Regulation until 2010, said the organisation had lost its focus on gaming and… Read More

10th February 2021

Crown Resorts Isn’t Fit to Run Sydney Casino, Inquiry Finds

Billionaire James Packer’s dream of opening a landmark casino in his home city of Sydney hangs in the balance after a damning report into money laundering and organized crime links found Crown Resorts Ltd. isn’t fit to hold a gaming license. In an excoriating report released… Read More

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