The Australian Transaction Reports and Analysis Centre (AUSTRAC), the nation’s financial watchdog, has asserted that casino businesses, not governing bodies, bear the onus for anti-money laundering safeguards concerning VIP gaming promoters. They stressed that gambling entities have an obligation to guarantee their junket associates adhere to Australian regulations.
This declaration follows an investigation by the New South Wales Independent Liquor and Gaming Authority (ILGA) into Crown Resorts, which purportedly enabled money laundering at its Melbourne casino by utilizing junkets for exchanging currency for gaming chips. This probe placed the workings of junkets under close examination.
Although the Victorian Commission for Gambling and Liquor Regulation had previously contended that anti-money laundering fell under AUSTRAC’s purview, AUSTRAC’s head Nicole Rose clarified that they do not oversee junket tour enterprises. She stated, “Ensuring compliance with anti-money laundering/counter-terrorism financing obligations rests with the industry, and this has been reaffirmed by the Federal Court.”
Rose conceded that while relaxed regulations might entice more high-stakes players globally, “the industry possesses the full capacity to manage and evaluate their own risks.”
Nevertheless, anxieties regarding gaps in gambling-related legislation were voiced by Labor senator Kristina Keneally. She highlighted that “individuals can enter Australia via junkets carrying bags of money, the origin of which is unclear, and subsequently have those funds distributed to other unidentified individuals. This appears to be a significant regulatory shortcoming.” Rose maintained that national regulations are not applicable to overseas companies.
The Australian Transaction Reports and Analysis Centre (AUSTRAC) has expressed concerns about the absence of unified regulatory efforts in tackling financial crime. Rose, potentially an authority on the matter, suggests that obligatory accreditation for go-betweens is a beneficial measure to help resolve the problem.
admin