Crown did not monitor ‘money-laundering’ accounts, inquiry told
1st September 2020
Crown did not monitor ‘money-laundering’ accounts, inquiry told
Crown Resorts’ top legal officer has told a public inquiry that the casino giant’s anti-money laundering teams did not monitor two company bank accounts suspected to have been used to clean dirty cash. The NSW Independent Liquor and Gaming Authority’s probity inquiry into Crown had earlier heard that the ANZ… Read More
ASIC won’t take action against CBA over money laundering scandal
27th August 2020
ASIC won’t take action against CBA over money laundering scandal
The corporate watchdog won’t be taking any action against Commonwealth Bank or its directors over a money laundering scandal that engulfed the banking giant three years ago. In the immediate aftermath of an explosive 2017 lawsuit against CBA for money laundering breaches, the Australian Securities and Investments Commission said… Read More
‘Cheriegate’ conman Peter Foster held over betting scam claims
21st August 2020
‘Cheriegate’ conman Peter Foster held over betting scam claims
A convicted conman who became notorious for his involvement in a property deal with Cherie Blair was arrested in Australia yesterday over an alleged sports betting scam. Peter Foster, 57, is accused of defrauding a gambler while running a sports trading company under a false name. He was detained on… Read More
Partnerships to Fight Financial Crime Gain Momentum
19th August 2020
Partnerships to Fight Financial Crime Gain Momentum
Countries have long fought financial crime by relying on banks to identify and report suspicious transactions. But the system is largely ineffective, financial crime experts say, because it rarely provides useful real-time feedback—a reality that is giving way to a more collaborative approach. For around the past five years, governments… Read More
Information sharing in the era of coronavirus tracing apps – a new context for fighting financial crime?
14th August 2020
Information sharing in the era of coronavirus tracing apps – a new context for fighting financial crime?
Coronavirus infection tracing apps have brought the formerly obscure and specialist topic of ‘centralised’ versus ‘decentralised’ data analysis into the spotlight, in a way that few could have foreseen. Coronavirus has also led to a rapid escalation of a wider debate across liberal democracies about the legitimacy of… Read More
Australian police arrest two on suspicion of ‘daigou’ money laundering
13th August 2020
Australian police arrest two on suspicion of ‘daigou’ money laundering
Australian police have arrested two men on suspicion of moving tens of millions of dollars of illicit drug money through a Sydney-based “daigou”, a surrogate shopping business popular with Chinese. Investigators are looking into whether the daigou operators were aware that they might have been helping money-laundering organisations move “dirty… Read More
Warnings crime gangs are targeting coronavirus early access superannuation scheme
13th August 2020
Warnings crime gangs are targeting coronavirus early access superannuation scheme
The corporate watchdog is warning the Federal Government’s early access to superannuation scheme is a ripe target for “serious and organised” crime gangs. The Australian Securities and Investment Commission (ASIC) has revealed it has already been contacted by the Australian Taxation Office (ATO) and the Australian Federal Police (AFP), relating… Read More
Westpac has added to in branch technology to better flag scams and fraudulent behaviour
10th August 2020
Westpac has added to in branch technology to better flag scams and fraudulent behaviour
Westpac will implement new fraud protection measures within its branch network after flagging a spike in scamming activity since the onset of the coronavirus pandemic. The country’s second largest bank said it will implement new scam detection technology across its national network of bank branches, in an attempt to curb… Read More
Drug traffickers exploit innocent gig-work couriers
10th August 2020
Drug traffickers exploit innocent gig-work couriers
Organised crime syndicates are using online companies such as Airtasker to traffic drugs and stolen goods around the country, with federal police making busts in Melbourne and Sydney involving on-demand courier services. Criminal groups are also taking advantage of the coronavirus crisis to advertise “working from home” opportunities online, using… Read More
Tax haven residents hold $5.7 billion of cash in Australia
4th August 2020
Tax haven residents hold $5.7 billion of cash in Australia
Residents of known tax havens held more than $5.7 billion of cash in Australian bank accounts, according to figures released for the first time, suggesting the local financial system remains vulnerable to money laundering and tax avoidance. The data from the Australian Taxation Office has been made public as part… Read More
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