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The report to the New South Wales Independent Liquor and Gaming Authority of the Bergin Inquiry into the suitability of Crown Resorts and its in-scope associates, in connection with its Barangaroo casino licence, has energised the discourse regarding the regulation of gaming in Australia.
Crown Resorts has a lot of work to do to satisfy the NSW Independent Liquor and Gaming Authority that it can keep its Sydney license and the idea it may have to blow itself up to survive is not far from the mark, according to Chair Philip Crawford.
An alleged international drug boss suspected of laundering millions of dollars through gaming giant Crown Resorts has been arrested in Thailand, where he is fighting efforts to be extradited to Australia.
Australia’s top anti-money laundering watchdog has released an in-depth report into junket operators, concluding they are highly vulnerable to criminal activity and that casinos need to do more to mitigate the risks.
Australia's anti-money laundering watchdog, AUSTRAC, says criminals and foreign agents have infiltrated the junkets bringing players into the country, putting it at high risk of money laundering and financing terrorism.
Crown Resorts will not be opening its A$2.2 billion Sydney casino in December and will need to wait until February before it hears whether it will retain its license, which was thrown into further doubt after a last-minute admission of money laundering.
In an 11th hour admission, Crown Resort told a suitability inquiry in Sydney that it was possible that money laundering had likely taken place in its casinos through accounts set up for VIP players.
The series of embarrassing revelations from a suitability probe in Sydney continue, with Crown Resorts Chair Helen Coonan admitting the company may have enable money laundering through "ineptitude."
What began with some bad news headlines, then developed into a special probity hearing in New South Wales, and has now become a full-scale governance crisis for Crown Resorts, with the newly announced Australian Transaction Reports and Analysis Centre (AUSTRAC) investigation posing a particular threat.
Shares in casino operator Crown Resorts have plunged as much as 10 percent after the financial crimes regulator AUSTRAC launched an investigation into compliance with anti-money laundering and counterterrorism financing laws.