Banks bury AUSTRAC in junk reports
10th November 2020
Banks bury AUSTRAC in junk reports
A massive rise in the number of transactions reported to financial crimes agency AUSTRAC has been partly driven by institutions submitting unnecessary reports of varying quality because they are petrified of being handed billion-dollar fines. Since the financial intelligence regulator steamrolled Commonwealth Bank in mid-2017 for more than 50,000… Read More
Crown probe raises criminal breach for dealing with dirty money
10th November 2020
Crown probe raises criminal breach for dealing with dirty money
The Crown Resorts probity inquiry has raised the prospect of the casino giant facing criminal charges for dealing with the proceeds of crime after it allowed dirty cash to be laundered through its bank accounts. In the fourth day of closing submissions to the NSW Independent Liquor and Gaming Authority… Read More
Dirty money, dirty trains: IBAC probe shows V/Line still off track
10th November 2020
Dirty money, dirty trains: IBAC probe shows V/Line still off track
The ink was hardly dry on a written pledge to stamp out “unfettered cronyism” at regional rail operator V/Line when then-chief executive James Pinder secretly offered a job with a salary exceeding $200,000 to a mate. “For you brother, everything is possible,” Pinder wrote to Metro’s operational fleet manager Peter… Read More
Australia inquiry flags cancelling Crown Resorts casino licence
5th November 2020
Australia inquiry flags cancelling Crown Resorts casino licence
An Australian regulatory inquiry raised the prospect on Thursday of cancelling the casino licence of gambling giant Crown Resorts Ltd over alleged corporate governance failures, casting a shadow over the company weeks before a $1.6 billion resort opening. The lawyer conducting hearings into the allegations also called for restrictions on… Read More
Perth businessman Chris Marco’s alleged Ponzi scheme left investors billions short, court told
30th October 2020
Perth businessman Chris Marco’s alleged Ponzi scheme left investors billions short, court told
The Federal Court has heard allegations Perth businessman Chris Marco ran a Ponzi scheme of “significant proportions” which left his investors $2.1 billion short of what they could have earned if he had delivered on his promises. The corporate watchdog wants Mr Marco’s investment schemes — run through businesses including… Read More
Financial watchdog Austrac ticked off casino junkets despite organised crime fears, report reveals
27th October 2020
Financial watchdog Austrac ticked off casino junkets despite organised crime fears, report reveals
The financial crimes watchdog in 2017 said junket partnerships with Australian casinos were compliant with anti-money laundering laws, despite detailed evidence in a NSW probe revealing alleged money laundering at Crown Resorts has been rife for years. An Austrac report obtained by News Corp revealed the financial crimes regulator ticked… Read More
Treasury boss ‘surprised and concerned’ by $30m Western Sydney airport land sale
27th October 2020
Treasury boss ‘surprised and concerned’ by $30m Western Sydney airport land sale
Steven Kennedy, the former secretary of the infrastructure department, has conceded the controversial land sale at Leppington Triangle related to the second Sydney airport is “now reflecting poorly on all of us, and we need to get to the bottom of it”. Kennedy, now the head of the Treasury… Read More
Westpac flags $1.2b hit to earnings on misconduct costs, write-downs
26th October 2020
Westpac flags $1.2b hit to earnings on misconduct costs, write-downs
Westpac has flagged a $1.2 billion hit to earnings caused by write-downs across its insurance businesses, a growing remediation bill and mounting costs related to the landmark legal case over anti-money laundering law breaches. The big four bank said on Monday its life insurance business would be written down by… Read More
Lawyers, accountants and real estate agents should report suspicious activity: AUSTRAC boss
23rd October 2020
Lawyers, accountants and real estate agents should report suspicious activity: AUSTRAC boss
The head of the financial crimes watchdog says she is concerned lawyers and real estate agents are being used for money laundering, as the government considers whether to impose tough new reporting obligations on them. Austrac chief executive Nicole Rose said the decision on whether to bring lawyers, accountants and… Read More
Australian police probe alleged Vatican funds transfer amid Pell trial
23rd October 2020
Australian police probe alleged Vatican funds transfer amid Pell trial
Australian police are investigating the alleged transfer of Vatican funds to Australia amid the prosecution of former Vatican treasurer George Pell for child sex abuse and have referred the matter to an anti-corruption body. The Australian Federal Police (AFP) confirmed on Wednesday they have received information from Australia’s financial crimes… Read More
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