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
Crown moved to CBA when ANZ shut ‘money laundering’ accounts, inquiry hears
3rd August 2020
Crown moved to CBA when ANZ shut ‘money laundering’ accounts, inquiry hears
Crown Resorts opened accounts with the Commonwealth Bank using “misleading” names that masked their use for gambling and accepted high-risk cash deposits, despite ANZ shutting down similar accounts over money laundering concerns, an inquiry has heard. Crown’s chief legal and regulatory compliance officer Joshua Preston told the NSW government probity… Read More
Crown’s junket criminal checks start with marketing team, inquiry told
31st July 2020
Crown’s junket criminal checks start with marketing team, inquiry told
Crown Resorts conducts its due diligence of junket partners to check for potential criminal links from within the marketing team tasked with luring wealthy high rollers to its Australian casinos, creating what the group’s legal chief concedes could be a conflict of interest. Joshua Preston, who is responsible for legal… Read More
Westpac’s anti-money laundering issues widen with more reporting failures
28th July 2020
Westpac’s anti-money laundering issues widen with more reporting failures
Further investigations into Westpac’s breaches of anti-money laundering laws have revealed 175,000 transactions that it failed to report to the regulator, and a further 365,000 reports that may have included incomplete or inaccurate information. The bank, which was thrown into turmoil last year by an anti-money laundering lawsuit, on… Read More
‘Egregious and cruel’: Chinese students targeted in elaborate virtual kidnapping scam
28th July 2020
‘Egregious and cruel’: Chinese students targeted in elaborate virtual kidnapping scam
Chinese international students are being forced to stage photos of themselves bound and blindfolded in an elaborate extortion con in which scammers obtain millions of dollars. In one case last month, a Chinese father paid $2 million after he received a video of his Australia-based daughter at an unknown location… Read More
Wife of drug kingpin Michael Ibrahim arrested with bankrupt George Alex
22nd July 2020
Wife of drug kingpin Michael Ibrahim arrested with bankrupt George Alex
Construction industry identity George Alex, his son Arthur and the wife of jailed drug kingpin Michael Ibrahim are allegedly among members of a major crime syndicate who have been arrested over their involvement in tax fraud and money laundering. In raids across Sydney and the Gold Coast on Tuesday morning,… Read More
Westpac unveils change programme to fix risk culture
21st July 2020
Westpac unveils change programme to fix risk culture
Westpac has unveiled a group-wide plan to strengthen its management of non-financial risk, simplify its business operations, and drive clearer accountability and decision making. The ‘transformation programme’ is based on a reassessment of Westpac’s culture, governance and accountability remediation plan, which it developed in response to findings from a self-assessment… Read More
ASIC to fast-track Westpac probe, prepares for wave of wind-ups
16th July 2020
ASIC to fast-track Westpac probe, prepares for wave of wind-ups
The corporate watchdog’s chief enforcer has promised to expedite its investigation into Westpac’s handling of money laundering breaches as a similar investigation into Commonwealth Bank drags on three years after the scandal was first made public. The Australian Securities and Investments Commission also revealed it was preparing for a wave… Read More
Fremantle Ports worker accused of fleecing millions before fleeing overseas
1st July 2020
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
19th June 2020
‘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
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