![]() It is a bumpy road with all sorties of difficulties. We endeavour to provide the community with real-time access to true unfiltered news firsthand from primary sources. This tendency is not only totally unacceptable, but also to a degree frightening). According to independent assessment, about 98% of the media sector is held by three conglomerates. Since the trend of consolidation is and has historically been upward, fewer and fewer individuals or organizations control increasing shares of the mass media in our country. Media ownership in Australia is one of the most concentrated in the world ( Learn more). We don't put up a paywall – we believe in free access to information of public interest. Well, unlike many news organisations, we have no sponsors, no corporate or ideological interests. The Junket Tour Operations in Australia: Money Laundering and Terrorism Financing Risk Assessment can be found on the AUSTRAC website. Due to international border closures there has been a significant reduction in JTO activity in Australian casinos this year. This risk assessment is the latest in a series of money laundering and terrorism financing risk assessments developed to assist Australian industry to identify, understand and disrupt serious criminal activity targeting Australia’s financial system and community.ĪUSTRAC’s assessment of junket tour operations assessed financial data and intelligence for the period from April 2018 to March 2019, a period when junket tours were highly active. I urge casinos to take prompt action by assessing their levels of risk posed by junket operations, strengthening their controls and reporting suspicious activity to AUSTRAC,” Ms Rose said. ![]() “The information contained in this risk assessment shows that junkets are highly vulnerable to criminal misuse and Australian casinos must do more to mitigate ML/TF risks. “Money laundering and financial crime enables serious criminal activity such as drug trafficking and human trafficking which causes harm to our communities. "I urge casinos to take prompt action by assessing their levels of risk posed by junket operations, strengthening their controls and reporting suspicious activity to AUSTRAC.AUSTRAC CEO, Nicole Rose PSM said that AUSTRAC expects Australian casinos and associated sectors to use this assessment to protect their businesses and the Australian community from criminal threats. "Money laundering and financial crime enables serious criminal activity such as drug trafficking and human trafficking which causes harm to our communities," she said in a statement. "The assessment also found that patronage by high risk customers from foreign jurisdictions is a key vulnerability associated with junkets."ĪUSTRAC talked to casinos, banks and regulators to collect insights about criminal threats, vulnerabilities and consequences related to junket operations.ĪUSTRAC chief Nicole Rose the agency expected Australian casinos and associated sectors to use this assessment to protect their businesses and the Australian community from criminal threats. "The assessment concludes that the main criminal threat facing the JTOs sector is money laundering," the agency said. Watch the latest news on Channel 7 or stream for free on 7plus >ĪUSTRAC on Friday released its junket tour operations money laundering and terrorism financing risk assessment, which showed the sector faces "multiple criminal threats".
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