|
to reduce the likelihood of prosecution
for a criminal offence by reducing the
evidentiary basis for establishing the
commission of a crime;
• to make it appear that property has a
legitimate source and is not forfeitable in the
event of conviction for an offence.
Historically, licensed gambling operations have
been identified as a potential
mechanism for money laundering to occur. In
Australia, the introduction of casino
regulations sought to prevent money laundering
and criminal activity in the casinos.
This paper examines the mechanisms and
procedures in place in Australia to deter and
detect money laundering in the nation's casinos.
In particular, it examines the
ambiguities and problems raised by the recent
media claims of money laundering at
Star City Casino in New South Wales. It also
briefly considers some implications of
globalisation, and the advent of new forms of
online gambling, for gambling
regulators in relation to money laundering.
There are two main sources of money laundering
which may be discerned in relation
to Australian casinos. These are:
• the laundering of the proceeds of terrestrial
crime within Australia;
1 Michel Camdessus, Managing Director
International Monetary Fund, ‘Money Laundering:
the
Importance of International Countermeasures’,
address to the Plenary Meeting of the Financial
Action
Task Force on Money Laundering, Paris, Feb. 10
1998, p.1.
2
• the laundering of the proceeds of overseas
crime, which are imported into
Australia by legal or illegal methods.
Back to casino
news
|
