Tabcorp is in hot water after the anti-money laundering regulator Austrac added an additional 61 allegations to its federal court claim against the gambling giant, bringing the total to 236 alleged violations.
Austrac chief executive Paul Jevtovic said “Tabcorp’s extensive, significant and systematic non-compliance with Australia’s money laundering and counter-terrorism financing legislation has resulted in these additional allegations.”
Among the allegations are claims Tabcorp failed to disclose accounts opened under false names, suspicious transactions, and the laundering of fraudulent credit cards funds for organised crime figures.
The $25 billion Australian gambling industry is known for its high turnovers, which make it a prime candidate for money laundering operations looking to hide illegal transactions.
As cases like this show, in addition to preying on the poor, the gambling industry goes hand in hand with large scale fraud and crime. The sole motive of gambling companies is maximising profit. Anything else is a distraction, and if that means turning a blind eye to where the money is coming from, then so be it.
These attitudes underpin the huge social harm that the gambling industry has on ordinary people as any concern for individual welfare is swept aside by the profit imperative.
By Socialist Party reporters