As seen in the April 2021 edition of Bowls Queensland's Queensland Bowler magazine.
Whether you're talking about the latest season in a popular Netflix drama or Harry and Meghan's interview with Oprah, one thing's for sure - the last few months have been a rollercoaster for the Crown. Things haven't been easy for the 'other' Crown either, following the NSW Independent Liquor and Gaming Authority's (ILGA's) recommendation to revoke a certain Sydney casino licence.
The topic of money laundering is back in the spotlight after ILGA found that Crown Resorts is unfit to hold a NSW casino licence, due to concerns that senior management at Crown had failed to understand and comply with anti-money laundering laws at their Melbourne and Perth casinos.
But issues of money laundering are by no means restricted to casinos. The NSW government estimates that around 20% of money put through gaming machines in NSW relates to organised crime, and there is now a new push for gaming machines to be made cashless, with an electronic gaming card, designed to make money laundering more difficult.
The Australian Transaction Reports and Analysis Centre (AUSTRAC) have identified clubs as vulnerable targets for money laundering, and all Bowls Clubs with gaming machines should be aware of their anti-money laundering reporting and compliance obligations.
Four important tips are:
Suspicious matters should be reported to AUSTRAC within 24 hours if your suspicion relates to terrorism financing, or within three days if your suspicion relates to money laundering or other crimes. Reports can be submitted via AUSTRAC online and there are no adverse consequences for your Club, or the customer, if no criminal activity is found. On the other hand however, clubs can be fined if they do not have a compliant anti-money laundering program in place and/ or, if they do not report suspicious matters in their venues.
Should you have any questions about money laundering, or if you require assistance in developing an anti-money laundering program, please give me a call on 07 3224 0353.
Article written by Matthew Bradford (Partner) and Glen Rolley (Associate).
"The content of this publication is for reference purposes only. It is current at the date of publication. This content does not constitute legal advice and should not be relied upon as such. Legal advice about your specific circumstances should always be obtained before taking any action based on this publication."