Australias financial watchdog, AUSTRAC, has issued a grave caution: casino VIP promoters have become a primary focus for organized crime infiltration, as detailed by the Sydney Morning Herald.
These promoters, serving as intermediaries between casinos and affluent players, especially those from Asia, specialize in drawing high-stakes gamblers to casinos. In a recent publication, AUSTRAC underscored the substantial dangers of illicit finance and even funding for terrorism linked to these ventures. The agency strongly advised the casino sector to reinforce its measures in combating potential money cleansing activities. The publication specifically cited the participation of “high-risk” patrons from foreign territories as a critical weakness in the VIP promoter framework.
This alert follows a significant inquiry into Crown Resorts, one of Australias biggest casino enterprises. The New South Wales Independent Liquor and Gaming Authority (ILGA) revealed troubling proof of money laundering within Crown, resulting in a postponement of the launch of its flagship Barangaroo casino in Sydney. Crown has subsequently committed to separating itself from VIP promoters until they undergo thorough vetting and licensing by gaming authorities.
“It’s imperative that casinos move rapidly to evaluate the hazards connected to VIP promoter operations, fortify their oversight, and disclose any questionable behavior to AUSTRAC,” stressed Nicole Rose, the Chief Executive Officer of AUSTRAC.
She further cautioned against the widespread repercussions of unregulated gaming ventures, emphasizing how illicit finance practices and economic wrongdoings associated with these endeavors can bolster more grave concerns such as narcotics trade and human exploitation, ultimately damaging the entire community. It’s important to acknowledge that, owing to the global health crisis and limitations on movement, these gaming enterprises within the nation have been briefly put on hold.
