Crown fined for finance crime
Casino operator Crown Resorts has agreed to a fine of $450 million after admitting to breaching anti-money laundering laws. The company called it “a significant step” as it tries to fix its “failings” after more than a couple of years of bad press for its stuff ups that were exposed via government-backed inquiries. In NSW, an investigation into Crown’s operations found the company had facilitated money laundering, worked with businesses linked to organised crime, and also had issues with its gaming licences. Yesterday, Crown’s boss Ciarán Carruthers said the company was “pleased” to have reached the agreement with federal financial intelligence agency AUSTRAC but noted, “it is still subject to consideration and approval by the Federal Court”. The Federal Court hearing is pencilled in for 10-11 July.
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