Australias financial intelligence unit, AUSTRAC, has declared that casinos, not regulatory bodies, bear the responsibility for guaranteeing the anti-money laundering adherence of junket organizers. In essence, gaming enterprises must ensure that the intermediaries they collaborate with are abiding by Australian regulations.
This proclamation follows an investigation into Crown Resorts, a casino enterprise accused of enabling money laundering at its Melbourne gaming establishment. Allegations surfaced of currency being traded for chips, a method susceptible to exploitation.
Although some, including the Victorian Gambling and Casino Control Commission, held the belief that anti-money laundering endeavors fell under AUSTRAC’s purview, AUSTRAC Chief Executive Nicole Rose clarified that this is not accurate. She stressed that industries themselves are obligated to conform to anti-money laundering and counter-terrorism financing legislation. This position has even been supported by the Federal Court.
Rose acknowledges the possible allure of lenient regulations for attracting wealthy international players. Nevertheless, she firmly contends that the sector is fully equipped to manage and evaluate its own hazards.
This circumstance has sparked worries about potential gaps in gaming regulations. Labor Senator Kristina Keneally highlighted that individuals might leverage junkets to bring funds of dubious origins into Australia and subsequently disperse them to unidentified entities. This raises significant apprehensions about a possible oversight deficiency.
Despite this, Rose maintains that national regulations are not applicable to overseas corporations, leaving some uncertainty regarding how these issues will be tackled.
Australias fiscal oversight body, AUSTRAC, conceded that regulatory groups have not been unified in their supervision of wagering platforms. An official, Ms. Rose, proposed that mandating licenses for these providers would be a positive action towards gaining control of the circumstances.
