AUSTRAC\u2019s chief executive officer Nicole Rose said the country needs to do more to raise money laundering standards.<\/p>\n\n\n\n\n\n\n\n
Australia.- During a conference organised by the Association of Certified Anti-Money Laundering Specialists (ACAMS),\u00a0Nicole Rose<\/strong>,\u00a0AUSTRAC\u2019s chief executive officer, has warned that Australia could be put on the\u00a0FATF grey list <\/strong>of untrustworthy jurisdictions by 2025.<\/p>\n\n\n\n The Financial Action Task Force (FATF) <\/strong>is the Paris-based inter-governmental agency that monitors controls on anti-money laundering and terrorist financing. Countries on the grey list are required to submit progress reports to FATF three times a year.<\/p>\n\n\n\n The issue is relevant for the gaming industry. Crown Resorts<\/a>, one of the main casino operators in Australia, was declared\u00a0unsuitable to hold a licence for its Melbourne casino\u00a0<\/strong>due to multiple failings on money laundering. <\/p>\n\n\n\n Another casino giant, The Star Entertainment Group, is facing an inquiry to determine if it is suitable to continue holding\u00a0a casino licence in Sydney<\/a>. Shannon Fentiman<\/strong>, Queensland\u2019s attorney general, has also ordered a review into its suitability to\u00a0hold a licence in Queensland<\/a>.<\/p>\n\n\n\n The FATF has recently updated its grey list, and\u00a0the Philippines remains listed<\/a>. The FATF acknowledged that the Philippines had \u201ctaken steps to improve its AML\/CFT regime\u201d\u00a0since last June<\/a>. However, it listed seven areas where more work is needed to address the country\u2019s \u201cstrategic deficiencies\u201d related to AML and CFT.<\/p>\n\n\n\n Among the recommendations, it said the Philippines needs to demonstrate that it uses AML and CFT controls \u201cto mitigate risks associated with casino junkets.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":" AUSTRAC\u2019s chief executive officer Nicole Rose said the country needs to do more to raise money laundering standards.<\/p>\n","protected":false},"author":176,"featured_media":18728,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"AUSTRAC's CEO has warned that Australia risks being placed on the FATF grey list by 2025 due to insufficient anti-money laundering standards, a critical concern for the nation's gaming industry. This follows major compliance failures by operators like Crown Resorts and ongoing suitability inquiries into The Star Entertainment Group. Concurrently, the Philippines remains on the FATF grey list, with specific recommendations to enhance AML\/CFT controls related to casino junkets.","focusai_entities":"AUSTRAC, Nicole Rose, Association of Certified Anti-Money Laundering Specialists (ACAMS), Financial Action Task Force (FATF), Crown Resorts, The Star Entertainment Group, Shannon Fentiman","focusai_location":"Australia, Melbourne, Sydney, Queensland, Paris, Philippines","focusai_target_profile":"ceo_executive (0.95), regulator (1.0), compliance_legal (1.0), operator_casino (0.98), tech_data (0.75), payments_fraud_aml (0.95), investor_analyst (0.98), supplier_vendor (0.7), journalist_researcher (0.95)","focusai_suggestions":[{"label":"FATF Grey List Impact","query":"What specific operational and financial implications would a FATF grey-listing have for Australian iGaming operators and their B2B partners?"},{"label":"AML\/CFT Compliance Evolution","query":"How are Australian casino operators, particularly those under suitability review, expected to enhance their AML\/CFT governance frameworks and transaction monitoring capabilities to meet evolving regulatory expectations?"}],"footnotes":""},"categories":[16336,156],"tags":[23911],"class_list":["post-31080","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australasia-news","category-regulation-news","tag-gambling-regulation"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/31080","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=31080"}],"version-history":[{"count":4,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/31080\/revisions"}],"predecessor-version":[{"id":31091,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/31080\/revisions\/31091"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/18728"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=31080"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=31080"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=31080"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}The FATF keeps the Philippines on grey list<\/h2>\n\n\n\n