MONEY LAUNDERING – LAW AND LEGISLATION – AUSTRALIA

Labor to crack down on dirty money for homes

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Original article by Campbell Kwan
The Australian Financial Review – Page: 31 & 32 : 7-May-24

The federal government is set to expand money-laundering reporting obligation laws to cover real estate agents, lawyers and accountants, with the potential that 100,000 extra entities will have reporting obligations if the legislation is passed. However, the Real Estate Institute of Australia claims that expanding money-laundering obligations to cover real estate agents would impose an overwhelming burden on them, and that the legislation should instead expand the reporting obligations of land registry bodies. It contends that not all real estate transactions are handled by real estate agents.

CORPORATES
THE REAL ESTATE INSTITUTE OF AUSTRALIA LIMITED

Labor to crack down on dirty money for homes

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Original article by Campbell Kwan
The Australian Financial Review – Page: 31 & 32 : 7-May-24

The federal government is set to expand money-laundering reporting obligation laws to cover real estate agents, lawyers and accountants, with the potential that 100,000 extra entities will have reporting obligations if the legislation is passed. However, the Real Estate Institute of Australia claims that expanding money-laundering obligations to cover real estate agents would impose an overwhelming burden on them, and that the legislation should instead expand the reporting obligations of land registry bodies. It contends that not all real estate transactions are handled by real estate agents.

CORPORATES
THE REAL ESTATE INSTITUTE OF AUSTRALIA LIMITED

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

Labor considering tougher anti-money laundering laws

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Original article by Tom McIlroy
The Australian Financial Review – Page: 2 : 13-Apr-23

A Senate committee recommended a number of changes to Australia’s money-laundering laws in a report that was released prior to the 2022 federal election. A spokesman for Attorney-General Mark Dreyfus has indicated that the federal government is considering the report. Amongst other things, the committee has called for the implementation of the Tranche 2 reforms, which would broaden the nation’s anti-money laundering and counter terrorism financing laws to apply to the real estate, accounting and legal professions. Australia, the US and Canada are the only major developed countries whose money-laundering laws do not apply to these sectors.

CORPORATES
AUSTRALIA. ATTORNEY-GENERAL’S DEPT

ClubsNSW whistleblower reveals the alarming scale of money laundering in pokies rooms at local clubs and pubs

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Original article by Steve Cannane, Kyle Taylor, Clare Blumer
abc.net au – Page: Online : 14-Feb-20

Independent federal MP Andrew Wilkie has claimed that up to 95 per cent of clubs in New South Wales are not complying with anti-money laundering and counter-terrorism finance laws. He says this means they are operating illegally, and that he got this information from a ClubsNSW document that was provided to him by a whistleblower. Troy Stolz, a former ClubsNSW AML/CTF compliance auditor, claims that he was the source of the document. He says that money laundering through poker machines is rife in pubs and clubs across Australia. A ClubsNSW spokesperson has accused Wilkie of "anti-club hysteria".

CORPORATES
CLUBS NSW PTY LTD

Westpac faces class action over scandal

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Original article by Aleks Vickovich
The Australian Financial Review – Page: 14 & 19 : 19-Dec-19

Law firm Phi Finney McDonald has filed a class action lawsuit against Westpac on behalf of retail and institutional investors. The firm will allege amongst other things that Westpac breached its continuous disclosure obligations by failing to properly inform prospective investors about Austrac’s concerns regarding its compliance with anti-money laundering laws. The class action is open to investors who bought Westpac shares between 16 December 2013 and 19 November 2019.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, PHI FINNEY McDONALD PTY LTD, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE, WOODSFORD LITIGATION FUNDING, AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AMP LIMITED – ASX AMP, MAURICE BLACKBURN PTY LTD, IMF BENTHAM LIMITED – ASX IMF

Westpac faces Philippines probe

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Original article by Michael Roddan
The Australian – Page: 17 & 21 : 11-Dec-19

Westpac’s money-laundering scandal has deepened, with the allegations regarding payments linked to child exploitation to be investigated by regulators in The Philippines. The nation’s Justice Secretary Menardo Guevarra has indicated that its Inter-Agency Council Against Trafficking is investigation the allegations in partnership with anti-money-laundering agencies in both Australia and The Philippines. The scandal is likely to dominate Westpac’s annual meeting on 12 December.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, PHILIPPINES. DEPT OF JUSTICE, PHILIPPINES. ANTI-MONEY LAUNDERING COUNCIL, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE

Westpac open to settlement

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Original article by Michael Roddan
The Australian – Page: 17 & 21 : 10-Dec-19

The Federal Court has been told that Westpac and Austrac could potentially finalise a statement of agreed facts with regard to the bank’s breach of anti-money laundering laws by late February. Westpac has also advised that it will not contest the bulk of the 23 million civil charges that it is facing, which could allow the case to be settled quickly. Westpac is also under scrutiny by the Australian Securities & Investments Commission and the Australian Prudential Regulation Authority, while the bank could face a board spill at its annual meeting.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, FEDERAL COURT OF AUSTRALIA

Humbled Westpac faces shareholder anger

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Original article by Glenda Korporaal
The Australian – Page: 17 & 20 : 9-Dec-19

Some 64 per cent of votes cast at Westpac’s 2018 annual meeting rejected its remuneration report. The bank is likely to incur a second ‘strike’ at its 2019 annual meeting on 12 December, while the re-election of director Peter Marriott is uncertain in the wake of the scandal over breaches of anti-money laundering laws. However, Westpac is likely to avoid a resolution calling for a board spill. The Australian Shareholders’ Association and proxy adviser ISS will vote against the remuneration report, although the ASA will oppose any push to spill the board.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIAN SHAREHOLDERS’ ASSOCIATION, INSTITUTIONAL SHAREHOLDER SERVICES INCORPORATED, OWNERSHIP MATTERS PTY LTD, CGI GLASS LEWIS PTY LTD, AUSTRALIAN COUNCIL OF SUPERANNUATION INVESTORS INCORPORATED, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE

Westpac told of payments weeks ago

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Original article by Michael Roddan, Bridget Carter
The Australian – Page: 17 & 21 : 29-Nov-19

Westpac has claimed that it was not aware of Austrac’s allegations regarding payments linked to child exploitation until 20 November, when the scandal was exposed. However, Austrac’s statement of claim shows that it specifically requested information from Westpac about such payments at least six weeks earlier. Meanwhile, Westpac has advised that it will allow retail investors to withdraw from a share purchase plan that was announced a week before Austrac filed civil proceedings against the bank.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE, FEDERAL COURT OF AUSTRALIA, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, CLIME CAPITAL LIMITED – ASX CAM