Australian casino group to pay $290 million fine
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June 1, 2023
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thee4
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Australian company Crown Resorts was fined USD 290 million for violating anti-money laundering and counter-terrorism financing laws.
The company pleaded guilty, saying it failed to take proper measures to detect and prevent such crimes at its casinos in Melbourne and Perth as part of a settlement with the government financial crime agency AUSTRAC.
“The casino sector is at risk of being exploited by organized criminals. They seek to launder money earned from drug sales, fraud and even human trafficking,” – said the Australian Transaction Reports and Analysis Centre, according to Hürriyet Daily News.
According to AUSTRAC CEO Nicole Rose, Crown turned a blind eye to some risky things that went unchecked for many years.
The penalty still needs to be approved by the Federal Court at hearings scheduled for 10-11 July.
Crown Resorts CEO Kiaran Carruters said the company has changed since the offenses occurred, which happened before its acquisition by US asset manager Blackstone was completed in June 2022.
Well, admitting it was a bad move, of course – but how did they figure out the money was laundered is unclear?