Crown Resorts, the biggest owner and operator of land-based casinos in Australia, will have to pay 450 million Australian dollars in penalties following an agreement the company has reached with the Australian Transaction Reports and Analysis Centre (AUSTRAC).
AUSTRAC, an Australian government financial intelligence agency responsible for monitoring financial transactions to identify money laundering, organized crime, tax evasion, welfare fraud and terrorism financing, had been monitoring the activities of Crown Resorts following the investigations into the company’s activities in New South Wales, Victoria and Western Australia.
The agreement Crown Resorts reached with AUSTRAC will have to be approved by the Federal Court, and then it will halt civil penalty proceedings brought against the company by the government agency.
The company will pay a total of 450 million Australian dollars in penalties after having admitted to historical contraventions of Australia’s Anti-Money Laundering and Counter-Terrorism Financing Act 2006.
The two parties have signed a Statement of Agreed Facts and Admissions which was submitted to the Federal Court, which will hold a settlement hearing on 10 and 11 July.
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