GAMBLING INDUSTRY – AUSTRALIA – REGULATION

Crown and AUSTRAC agree $450m fine

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Original article by Zoe Samios
The Australian Financial Review – Page: 15 & 22 : 31-May-23

A Federal Court hearing is scheduled for mid-July to consider a proposed settlement between Crown Resorts and Austrac over breaches of anti-money laundering and counter-terrorism financing laws. Crown has agreed to pay a fine of $450m, which would be the amongst the highest penalties imposed in Australia’s corporate history, and the largest incurred by a casino operator anywhere in the world. Crown has also agreed to a number of admissions, including failing to appropriately assess the money laundering and terrorism financing risks that its casinos faced.

CORPORATES
CROWN RESORTS LIMITED, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE, FEDERAL COURT OF AUSTRALIA

Casinos need separate watchdog: O’Neill

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Original article by Jared Lynch
The Australian – Page: 15 : 26-May-22

The Star Entertainment Group’s outgoing executive chairman John O’Neill has expressed support for a new regulatory body specifically to monitor casinos. He has told an inquiry into Star’s suitability to hold its NSW casino licence that the Independent Liquor & Gaming Authority cannot be expected to oversee and monitor two casinos and every pub and club in the state. O’Neill added that investors have indicated that they are in favour of better regulation of large listed companies. O’Neill recently announced that he will step down from The Star’s board.

CORPORATES
THE STAR ENTERTAINMENT GROUP LIMITED – ASX SGR, NEW SOUTH WALES. INDEPENDENT LIQUOR AND GAMING AUTHORITY

Victoria, WA circle Crown over new reports on shady deals

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Original article by Lucas Baird
The Australian Financial Review – Page: 21 & 26 : 20-Nov-20

The Victorian Commission for Gambling & Liquor Regulation has directed Crown Resorts to produce two reports that it presented to the New South Wales inquiry into its Sydney casino. The reports indicate that money laundering occurred in ‘shell accounts’ linked to Crown’s Perth and Melbourne casinos, while the VCGLR has indicated that it has received a response from Crown about the ‘show cause’ notice issued in October regarding Crown’s links with questionable junket operators with alleged links to organised crime. Evidence regarding the shell accounts will also be considered by Western Australia’s Gaming and Wagering Commission on 24 November.

CORPORATES
CROWN RESORTS LIMITED – ASX CWN, VICTORIAN COMMISSION FOR GAMBLING AND LIQUOR REGULATION, WESTERN AUSTRALIA. GAMING AND WAGERING COMMISSION

Packer, Ho told to front Crown inquiry

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Original article by Deborah Cornwall
The Australian – Page: 3 : 22-Jan-20

Businessman James Packer has been ordered to appear before the New South Wales Independent Liquor & Gaming Authority’s inquiry into Crown Resorts’ casino operations. Macau-based gambling tycoon Lawrence Ho has also been asked to appear before the inquiry, which was prompted by Packer’s decision to sell a 19.9 per cent stake in Crown to Ho’s Melco Resorts. This deal will be scrutinised by two of the inquiry’s five separate hearings, amid concern that the transaction could potentially breach Crown’s NSW gambling licence. Other hearings will examine issues such as allegations of money-laundering.

CORPORATES
CROWN RESORTS LIMITED – ASX CWN, MELCO RESORTS AND ENTERTAINMENT LIMITED, NEW SOUTH WALES. INDEPENDENT LIQUOR AND GAMING AUTHORITY

Accusations ‘will hinder’ Crown probe

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Original article by Andrew Tillett
The Australian Financial Review – Page: 5 : 19-Oct-17

Justice Minister Michael Keenan says AUSTRAC will investigate allegations that casino operator Crown Resorts has breached anti-money laundering laws. However, law enforcement officials have expressed concern that any case against Crown could be jeopardised after independent MP Andrew Wilkie raised the allegations in parliament. Amongst other things, he said former Crown employees had claimed that the company’s casino in Melbourne has evaded financial transaction laws and modified its poker machines to ensure lower payouts.

CORPORATES
CROWN RESORTS LIMITED – ASX CWN, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE, VICTORIAN COMMISSION FOR GAMBLING AND LIQUOR REGULATION

Tabcorp faces trial, fines over money laundering

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Original article by Perry Williams, Patrick Durkin
The Australian Financial Review – Page: 1 & 7 : 23-Jul-15

The Australian Transaction Reports & Analysis Centre claims that Tabcorp breached money-laundering reporting laws on at least 100 separate occasions. It has launched civil action against the gaming group in the Federal Court, alleging that Tabcorp failed to report suspect transactions that were made via TAB betting accounts. Tabcorp could face fines of up to $A17m, although Deutsche Bank notes that the group could potentially be fined up to $A51m in total as two subsidiaries are also subject to the legal action.

CORPORATES
TABCORP HOLDINGS LIMITED – ASX TAH, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE, DEUTSCHE BANK AG, FEDERAL COURT OF AUSTRALIA, NATIONAL RUGBY LEAGUE, NORTH QUEENSLAND COWBOYS, BULLDOGS RUGBY LEAGUE CLUB LIMITED, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, LEND LEASE GROUP LIMITED – ASX LLC, ASX LIMITED – ASX ASX, SUNCORP GROUP LIMITED – ASX SUN, NBN CO LIMITED, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, NEW SOUTH WALES POLICE FORCE, AUSTRALIAN FEDERAL POLICE, VICTORIA. OFFICE OF POLICE INTEGRITY, DOW JONES SUSTAINABILITY INDEX

Echo chief on edge over delayed Genting decision

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Original article by Perry Williams
The Australian Financial Review – Page: 17 : 1-Jun-15

The New South Wales Independent Liquor & Gaming Authority has yet to make a decision on an application by Malaysia-based Genting to lift its stake in Echo Entertainment Group. Genting has a 6.6 per cent stake in the casino operator, but it sought approval in 2012 to increase its stake to a maximum of 25 per cent. At present, shareholdings are limited to 10 per cent of Echo’s share register.

CORPORATES
ECHO ENTERTAINMENT GROUP LIMITED – ASX EGP, GENTING BERHAD, NEW SOUTH WALES. INDEPENDENT LIQUOR AND GAMING AUTHORITY, THE STAR, CROWN RESORTS LIMITED – ASX CWN, RESORTS WORLD BERHAD