Tabcorp accused of 61 new money laundering reporting breachesOn 04/12/2018 by admin
Austrac has alleged Tabcorp contravened its reporting obligations on 236 occasions. Photo: Phil CarrickGaming giant Tabcorp has been accused of a further 61 reporting breaches as part of a landmark Federal Court action taken by anti-money laundering watchdog Austrac.
The ASX-listed company faces penalties of up to $18 million over allegations it routinely flouted anti-money-laundering and counter-terrorism financing provisions by failing to report suspicious transactions.
Austrac chief executive Paul Jevtovic said the new breaches came to light after it launched legal proceedings in July 2015 against Tabcorp and its NSW and Victorian wagering businesses.
“This ongoing investigation into Tabcorp’s extensive, significant and systematic non-compliance with Australia’s money laundering and counter-terrorism financing legislation has resulted in these additional allegations,” Mr Jevtovic said.
Austrac has alleged Tabcorp contravened its reporting obligations on 236 occasions, which had the potential to facilitate large-scale money laundering by crime syndicates or compromise the integrity of the financial system.
A Tabcorp spokesman said the company would file a response in relation to the amended statement of claim lodged by Austrac.
The Melbourne-based company is also the subject of an Australian Federal Police investigation into allegations it made a $200,000 payment to the family of Cambodian Prime Minister Hun Sen in 2009 as part of a lobbying campaign
Tabcorp’s boss at the time of the alleged payment, Elmer Funke Kupper, resigned last month from his role as ASX chief executive over the scandal.
Last year, Fairfax Media revealed underworld figures were exploiting Tabcorp betting accounts to launder cash, while violent inmates sometimes used the accounts to receive payments for extortion rackets run inside Victorian prisons.