AUSTRALIA: AUSTRAC ADMITS A KEY FINDING IN ITS 2017 REPORT INTO CASINO JUNKET OPERATORS WAS WRONG

On 4 December, Financial Review reported that the 2007 report had claimed that casinos were broadly aware of and comply with their AML/CFT obligations.  However, AUSTRAC chief executive Nicole Rose, now says that the finding “should not have been stated in that way.  A redacted version had removed any reference to the vulnerabilities in casino AML/CFT programmes, leaving only information about broad awareness and compliance across the sector, but the unredacted version  said that casinos were using legal technicalities through which junket tour operators, not the individual gamblers, were treated as the casino “customer” for the purpose of the rules.  However, she said that while casino junket operators posed a major risk of embezzling funds, it was up to individual gaming companies to assess whether overseas tour groups were compliant with Australia’s AML/CFT laws as AUSTRAC does not regulate junket tour operators.

https://www.afr.com/politics/federal/findings-of-austrac-casino-junket-report-were-wrong-20201204-p56klq

https://www.goldcoastbulletin.com.au/business/breaking-news/austrac-says-casino-junkets-unable-to-be-regulated/news-story/6a88bdc42be238faeb4694556897a45c

I had omitted the following link (as it did not seem to generate much interest!), but it seemed time to add it again and say that, if you would like to make a (polite) gesture and help me with my removal and computer costs, I have a page at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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