Australias financial watchdog, AUSTRAC, has issued a grave caution: casino VIP promoters are being singled out and manipulated by significant criminal organizations, as detailed by the Sydney Morning Herald.
For the uninitiated, these promoters serve as intermediaries between casinos and affluent players, essentially striving to attract big spenders and stimulate extravagant gambling. In a recent evaluation of money laundering and terrorism financing hazards within the VIP promotion sector, AUSTRAC implored the gaming industry to amplify its endeavors in combating potential illicit finance. The agency emphasized money laundering as the principal danger confronting these operations, noting that “the evaluation also pinpointed patrons from high-risk foreign regions as a critical weakness linked to these promoters.”
This advisory follows an investigation earlier this year into Crown Resorts, a prominent Australian casino enterprise, conducted by the Independent Liquor & Gaming Authority (ILGA) in New South Wales. This probe placed the actions of VIP promoters under intense examination. Subsequently, the launch of Crown’s Barangaroo casino in Sydney was delayed until February. Crown has also declared it will suspend collaborations with these promoters pending approval from gaming authorities.
“I strongly encourage all casinos to promptly evaluate the risk levels presented by VIP promotion activities, enhance their safeguards, and disclose suspicious actions to AUSTRAC,” stated Nicole Rose, Chief Executive Officer of AUSTRAC.
She emphasized the possibly graver concerns linked to gambling promoters, stating, “Illicit funds and economic wrongdoings cultivate more severe transgressions such as narcotics smuggling and human exploitation, which damage our community.”
It’s noteworthy that, currently, gambling expeditions within the nation are already suspended due to journey limitations arising from the global health crisis.
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