Australia files laundering suit against Tabcorp

The Australian Transaction Reports and Analysts Centre (Austrac), the country’s anti-money laundering agency, has filed a civil court action against Tabcorp after accusing the gambling operator of failing to take sufficient precaution against money laundering and terrorism financing activities.

The suit focuses on three Tabcorp companies in particular; Tab Limited, Tabcorp Holdings Limited and Tabcorp Wagering.

In a statement on its website, Austrac said the action follows a “long and comprehensive” process of assessment by the agency into the firm’s anti-money laundering and counter-terrorism financing compliance.

Austrac said that despite having provided Tabcorp with various opportunities to improve its standards, the operator had failed to take the “necessary steps”.

The maximum civil penalty a court can order for a contravention in the case is Aus$17 million (€11.5 million/$12.6 million).

Paul Jevtovic, chief executive of Austrac, said: “Non-compliance of this nature provides opportunities for organised crime to exploit vulnerabilities and puts at risk the integrity of the Australian financial system.

“Austrac works to keep dirty money out of our financial system, which helps protect the Australian community from serious and organised crime.

“As we have demonstrated in this case, we are prepared to work with businesses to improve their systems and controls, but will take strong action when they fail to make the necessary improvements to address serious and systemic non-compliance.

“We will continue to work with law enforcement and other agencies to address risks associated with money laundering – for the benefit of the community as a whole.”

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