The Australian financial intelligence agency, AUSTRAC, has underscored that casinos, not governing bodies, bear the onus of preventing money laundering within the gaming industry. They emphasized that gaming entities are accountable for scrutinizing and guaranteeing their partners’ compliance with Australian anti-money laundering regulations.
This examination of VIP gaming promoters stems from an investigation into Crown Resorts conducted by the New South Wales Independent Liquor and Gaming Authority (ILGA). The probe raised apprehensions regarding possible money laundering operations at Crown’s Melbourne casino, specifically involving the conversion of currency into gaming tokens.
Although the Victorian Commission for Gambling and Liquor Regulation had previously implied that AUSTRAC was responsible for anti-money laundering supervision, the agency’s director, Nicole Rose, clarified: “AUSTRAC does not oversee gambling tourism providers.” She continued, “Enterprises have an obligation to ensure they fulfill their [anti-money laundering and counter-terrorism financing] duties. This has also been affirmed by the Federal Court.”
Rose acknowledged the possibility of lenient supervision attracting affluent gamblers from abroad but maintained that “the industry possesses the capability to administer and evaluate its own hazards.”
Nevertheless, Labor Senator Kristina Keneally voiced anxieties about weaknesses in gaming-related legislation. “A scenario could arise where individuals introduce funds of obscure provenance into Australia via junkets and subsequently disseminate those funds to unidentified persons,” she stated, highlighting a “substantial regulatory void.” Rose retorted that national regulations do not encompass foreign entities.
A new study revealed a troubling absence of collaboration among Australian oversight entities, especially regarding the supervision of gaming promoters in gambling venues. One authority, Ross, stressed the importance of obligatory authorization for these facilitators as a vital measure to tackle the problem and enhance the overall trustworthiness of the sector.
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