Anti-money laundering body Austrac to begin legal proceedings against Tabcorp
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Version 0 of 1. Australia’s financial intelligence unit, Austrac, is taking wagering and keno operator Tabcorp to court, claiming it has failed to comply with anti-money laundering and counter-terrorism financing laws. The Australian Transaction Reports and Analysis Centre (Austrac) has launched civil penalty proceedings against Tabcorp in the federal court. The maximum penalty for a contravention of the anti-money laundering and counter-terrorism financing laws is $17m. Austrac said on Wednesday it had made a long and comprehensive assessment of Tabcorp’s anti-money laundering and counter-terrorism financing compliance, and Tabcorp had failed to take steps to make improvements. “Noncompliance of this nature provides opportunities for organised crime to exploit vulnerabilities and puts at risk the integrity of the Australian financial system,” Austrac said in a statement. “Austrac works to keep dirty money out of our financial system, which helps protect the Australian community from serious and organised crime.” Tabcorp said it had been advised of the legal proceedings on Wednesday. “Tabcorp takes its compliance obligations extremely seriously,” the company said in a statement. “Tabcorp is reviewing the nature of the proceedings and will inform the market of its intended response.” Shares in Tabcorp were 10.5 cents lower at $4.875 shortly after noon. |