There have been several recent changes to its gambling legislation in Australia that may have wide implications in both the online and land-based sphere, including the first case brought under the anti-money laundering laws by AUSTRAC.
On 22 July 2015, AUSTRAC, the statutory body that has oversight of the Anti-Money Laundering and Counter-Terror Financing Act 2006 (Cth), which contains Australia’s anti-money laundering laws, initiated court proceedings against three subsidiaries of Tabcorp for “extensive, significant and systemic non-compliance with Australia’s anti-money laundering and counter-terrorism financing legislation.”
This is the first time that AUSTRAC has initiated Court proceedings under the AML/CTF Act, alleging 100 separate breaches of the AML/CTF Act by Tabcorp.
This case is expected to set an interesting precedent for the Australian gambling sector. It will cause all gambling operators to ensure compliance with Australia’s anti‑money laundering regime and is likely to shake any belief that AUSTRAC is merely a “toothless tiger”.
Meanwhile,...
This Dossier results from the “Life After POGOs” editorial project by Asia Gaming Brief which culminated with a pop-up digital forum on 9th December to discuss potentials ramifications in the industry.
Covid-19 forced the rapid and unexpected closure of venues across Australia, changing the operating environment with unprecedented speed and leaving managers scrambling to adapt...
Hyatt Hotels Corporation has announced the opening of the 1,600-room Grand Hyatt Jeju in South Korea, the largest Hyatt hotel in Asia Pacific. This hotel is part of the Jeju Dream Tower which opened on Friday.
Galaxy Entertainment Group told Macau News Agency that recent wage dispute involving workers employed at its Cotai expansion projects, originated from fee disputes between the workers and mainland employment agencies.
MGM Resorts has thrown its cards into the online gaming ring, with an attempt to buy U.K.-listed Entertain for GBP11.3 billion ($15.4 billion), which may reshape the group and reduce its focus on Asia in the longer term.
Over the years, many of the answers have been remarkably prescient in their forecasts for the near-term direction of Asia’s gaming industry. However, we can safely say that no one came anywhere close to guessing
what 2020 may have had in store.
While nowhere in the world has escaped the economic fallout from the Covid-19 crisis, Macau has been hit harder than most, with forecasts for gross domestic product to shrink more than 50 percent this year.
Before the Covid-19 crisis, tourism in the Greater Mekong Sub-Region was at a record high, on track to welcome 80 million visitors in 2019, generating some $90 billion in revenue.
