Australia: Crown apathetic about money laundering, ‘completely failed’ to take concerns seriously: inquiry

Crown Resorts remained “apathetic” to potential money laundering at its casinos for many years, completely failing to take seriously concerns raised by banks that ultimately closed its accounts, an inquiry has heard.

The NSW Independent Liquor and Gaming Authority inquiry has heard management at Crown never reviewed the bank accounts of private subsidiaries Southbank Investments and Riverbank Investments despite suspicious deposits.

In concluding submissions on Monday, counsel assisting Scott Aspinall SC said some transaction descriptions were strangely referred to as school fees or loan purchases, and there was evidence of “smurfing” – a tactic used to break down a large amount of money into smaller transactions in order to evade financial reporting laws.

The original full article can be found at theaustralian.com.au

(Photo: Bloomberg)

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