Fraud and cybercrime are on the rise as organised crime schemes are forced to diversify in the changing face of the pandemic.
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Tax Evasion is Illegal, but not an Offence. Does AUSTRAC Understand its Own Risks?
Unlike some countries (such as the US), Australia’s legislative references to tax “evasion” do not refer to a criminal offence or even a category of criminal offences.
Read moreThe Beat Goes On: AML Non-Compliance May Be Widespread
NAB, Crown Melbourne, SkyCity Entertainment and Star Entertainment Group recently reported that they had been referred to AUSTRAC’s enforcement team.
Read moreMoney Laundering by Gambling: Regulatory Gap or Green Light?
News of Barangaroo Crown Casino’s alleged non-compliance with AML/CTF laws late last year raises the perennial question of how to best regulate the gambling industry.
Read moreOwnership Versus Control: When Anti-Money Laundering Programs Miss the Point
AML/CTF programs should be developed to ensure they consider the criminal activities of individuals who control the money, not just own it.
Read moreCourt of Criminal Appeal Quashes Tax Crime Convictions After Crown’s Creative Accounting
Why did this tax criminal case ultimately fail? Find out – along with what the outcome of the case has revealed about tax intricate accounting practices – here.
Read moreHigh Court Confirms ‘Cuckoo Smurfing’ Alive and Well
There is now no doubt that sophisticated and modern variations of ‘cuckoo smurfing’ are caught by the Proceeds of Crime Act 2002, Thomson Reuters Author, Dr Mathew Leighton-Daly, demonstrates in this article.
Read moreAUSTRAC Goes After Westpac with Allegations of Anti-Money Laundering Misconduct
Westpac failed to report over 19.5 million International Funds Transfer Instructions to AUSTRAC over nearly five years for transfers to and from Australia.
Read moreThen Tabcorp, Now Afterpay: Who Will AUSTRAC Turn to Next?
The Australian Transaction Reports and Analysis Centre (AUSTRAC) is well known as Australia’s financial intelligence agency. It was perhaps not as well known for its regulatory responsibility – at least…
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