AUSTRAC reveals money laundering crimes

AUSTRAC has linked gaming services with money laundering crimes through Commonwealth Bank.

Australia.- Australia’s financial intelligence and regulatory agency, AUSTRAC, revealed earlier this month several links between financial criminal groups and gaming industry through the Commonwealth Banks’ operations. The financial entity has allegedly permitted AUS$70 million (US$55 million) to be laundered.

The governmental agency argues that gaming industry could be used by criminal groups as a way to justify their incomes. The Commonwealth Bank was accused by AUSTRAC for “serious and systemic non-compliance” with current legislation on financial crimes and counter-terrorism.

“Millions of dollars was brazenly fed, via the bank’s ATMs, into accounts created with false names by criminal syndicates and whisked offshore,” reported The Sidney Morning Herald. The financial crimes are related to local groups operating drug dealing businesses and other illegal ventures.

Australian gaming market has been already reduced after Governor-General Peter Cosgrove approved the Interactive Gambling Amendment Bill 2016. Under the latest legislation, gaming operators without proper licenses would be banned from the market, although it does not clarifies the requirements to obtain and implement a permission. Therefore, gaming supporters consider the bill would only prohibit online gaming operations. The measure was set as the national government decided to stop gaming expansion and limit the authorised operations in the last two years.