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Regulatory Update

12th October 2020

AUSTRAC Publishes Financial Crime Guide on Illegal Wildlife Trade

AUSTRAC has released a new financial crime guide to help regulated entities in identifying, targeting and reporting suspicious financial activity related to Australia’s illegal wildlife trafficking trade. The financial crime guide was developed by AUSTRAC’s public-private partnership, the Fintel Alliance, with the Department of Agriculture, Water and Environment, drawing on… Read More

12th October 2020

Australian casino regulator takes action against Crown Resorts over high-roller junkets

Victoria’s gambling regulator is taking action against James Packer’s Crown Resorts group, accusing it of failing to properly control junket operators who bring high-rollers to its Melbourne casino. The Victorian Commission for Gambling and Liquor Regulation on Friday told Guardian Australia it made the move after wrapping up… Read More

9th October 2020

NAB didn’t maintain records of human traffickers until 2019

NAB has been flagging around 10 transactions a month as potentially related to human trafficking but did not maintain its own records of its suspicions about the sinister nature of transactions involving criminals, terrorists and paedophiles until the middle of 2019. The bank revealed over the seven months to January… Read More

8th October 2020

James Packer admits Crown junkets have the potential to be infiltrated by organised crime

Under lengthy questioning James Packer has admitted he has “long been on clear notice of the links” between organisers of gambling junkets at Crown Resorts’ casinos and organised crime, but that he personally did nothing to set risk guidelines for the high-roller operation while executive chairman of the company. Read More

6th October 2020

‘I was sick at the time’, Packer tells Crown money laundering inquiry

Billionaire James Packer blames sickness for a “shameful” email threat he sent to a mystery businessman in 2015, the NSW casino inquiry has heard. Mr Packer admitted threatening the mystery businessman, Mr X, during his grilling at the NSW casino inquiry on Tuesday afternoon. The NSW Independent Liquor & Gaming… Read More

2nd October 2020

Crown Resorts director says junket operators suspended while possible criminal links reviewed

A New South Wales inquiry into Crown Resorts and its casino licence has heard that Crown has suspended dealings with the 100-odd junket operators who bring high rollers from Asia and is conducting reviews of possible criminal links. Director Guy Jalland agreed that the pause had been mainly prompted… Read More

29th September 2020

Class action lawyers eye Westpac settlement

The principal lawyer leading a class action against the country’s second largest bank has said the mammoth settlement agreement over its money laundering charges would spell good news for claimants. Tim Finney, director of Melbourne law firm Phi Finney McDonald, said the $1.3 billion penalty agreement between Westpac and the… Read More

29th September 2020

Australia: Delay in tax evasion crackdown is costing the taxpayer billions

The federal government’s glacially slow pace in delivering the tools to combat phoenixing and money laundering has delivered benefits to an unlikely constituency: organised crime. Revenue lost from money laundering, tax evasion schemes and phoenixing of companies – often orchestrated by unscrupulous accountants and lawyers – is costing Australian taxpayers… Read More

28th September 2020

How the Commonwealth Bank helped a Bitcoin fraud suspect accused of laundering billions

Alexander Vinnik is in a world of trouble. The 40-year-old Russian is inside a jail cell in France, where prosecutors argue he is responsible for a vast criminal enterprise. His problems do not end there: US prosecutors want to extradite him to face criminal charges, while New Zealand police have… Read More

28th September 2020

‘Bowler Hat Englishman’: hunt for alleged mastermind of Australia’s largest tax evasion scheme

According to an Interpol Red Notice, Philip Egglishaw is 67 years old, 1.75m tall, with a moustache and receding hairline. The “international fraudster”, as he was once dubbed, is wanted by Australian authorities for his role as the alleged mastermind of one of the country’s largest tax evasion and money-laundering… Read More

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