Australia’s Labor MPs split on cash-ban crackdown aimed at money launderers
26th February 2020
Australia’s Labor MPs split on cash-ban crackdown aimed at money launderers
Labor MPs have split over backing a government bill aimed at cracking down on crime syndicates that launder money through the black-market economy by banning the use of cash transactions of more than $10,000. The clash between MPs of Labor’s Left and Right factions over the proposed laws is threatening… Read More
Crown casino hosted organised crime target as he built a gambling empire
24th February 2020
Crown casino hosted organised crime target as he built a gambling empire
In 2017, Cheng Ting Kong was riding high. He co-owned a multi-million dollar business bringing high-roller gamblers from China into casinos around the country and he was busy building a $75 million dollar stake in Australia’s horse racing industry. But behind the scenes, Australia’s national criminal intelligence agency was watching… Read More
Australia’s Westpac flags earnings downgrades after lawsuit, bushfires
20th February 2020
Australia’s Westpac flags earnings downgrades after lawsuit, bushfires
Australia’s Westpac Banking Corp said on Wednesday its 2020 profit would be hit by a rise in costs related to improving risk management systems in the wake of a money-laundering scandal and the country’s deadly bushfires. Westpac, which previously expected a 1% increase in costs for the year, said those… Read More
Australia urged to pass Magnitsky human rights law or risk becoming haven for dirty money
18th February 2020
Australia urged to pass Magnitsky human rights law or risk becoming haven for dirty money
The man who spearheaded the United States’ Magnitsky Act – targeting sanctions against human rights violators around the world – has told Australia it risks becoming “a magnet for dirty money” from abusers and kleptocrats across the globe unless it brings in similar legislation. US financier Bill Browder, who championed… Read More
ClubsNSW whistleblower reveals the ‘alarming’ scale of money laundering in pokies rooms at local clubs and pubs
14th February 2020
ClubsNSW whistleblower reveals the ‘alarming’ scale of money laundering in pokies rooms at local clubs and pubs
A whistleblower and former employee of ClubsNSW has claimed that money laundering through poker machines is rife in pubs and clubs across the country. In an exclusive interview with the ABC, Troy Stolz, a former ClubsNSW anti-money laundering and counter-terrorism finance (AML/CTF) compliance auditor, said that the scale of the… Read More
The multi-million-dollar ‘dummy director’ scam using vulnerable Australians to rip off the tax office
14th February 2020
The multi-million-dollar ‘dummy director’ scam using vulnerable Australians to rip off the tax office
Sitting in the gloom of his housing commission apartment amid a smell of stale cigarettes and motor oil, you would not know Rod Jackson was a director of more than two dozen companies. Then again, neither would he. “They’ve really stuck me in the shit, haven’t they?” Mr Jackson croaks… Read More
ASX oil firm mired in $15m PNG bribery scandal
10th February 2020
ASX oil firm mired in $15m PNG bribery scandal
A nine-year-old payment in Papua New Guinea is threatening to derail the Australian-listed Horizon Oil, after it repeatedly ignored corruption warnings and paid $US10.3 million ($15.4 million) to an unknown shell company. Lawyers working on the 2011 deal flagged links to PNG’s then petroleum minister William Duma and warned an… Read More
Crown casino’s ‘Mr Chinatown’ arrested and deported to China
10th February 2020
Crown casino’s ‘Mr Chinatown’ arrested and deported to China
The Crown casino high-roller and junket partner known as “Mr Chinatown” – who is also a business partner of the Chinese president’s cousin – has been arrested and extradited to China for suspected money laundering and corruption. Crown Resorts regarded Tom Zhou as a “very, very important person” and paid… Read More
Sydney man allegedly stole identities to net $11m from life savings, superannuation
7th February 2020
Sydney man allegedly stole identities to net $11m from life savings, superannuation
A 31-year-old man has been charged over an $11 million cyber fraud in which he allegedly obtained the financial profiles and identities of more than 80 people to create fraudulent bank accounts and steal from their savings and superannuation accounts. Adam Jones, originally from South Australia, was arrested at a… Read More
U.S. class actions pile up against Australia’s Westpac amid money-laundering scandal
6th February 2020
U.S. class actions pile up against Australia’s Westpac amid money-laundering scandal
Australia’s No.2 lender Westpac Banking Corp was hit with another U.S. class-action lawsuit in less than a week on Monday, over issues with its financial crime monitoring amid a recent money laundering scandal. Westpac was sued by Australia’s financial crime watchdog AUSTRAC in November for 23 million alleged breaches of… Read More
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