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a lack of clarity regarding the place of casino
regulators within the anti-money
laundering strategy as it relates to suspected
money laundering in Australian
casinos.
Emerging issues
With the rapid globalisation of the gambling
industry during the 1990s, international
money laundering has become a growing concern
for gambling regulators and crime
agencies alike. The expanding and highly
competitive market for junket and premium
players, particularly from Asia, and the rapid
emergence of online gambling have
accelerated the rate of international financial
transactions, increasing the potential for
Australian gambling operations to become the
focus for money laundering. The Asian
Pacific region generates proceeds from crimes
including trafficking in human beings,
illegal narcotics, illegal gambling, organised
crime and large-scale fraud and
corruption.18
Large amounts of money are remitted to
Australian casinos from overseas financial
institutions. Some of this is suspected to be
proceeds of illicit activities. Crime
agencies argue that it is relatively simple to
launder money using a series of financial
institutions and a foreign casino. They argue
that some overseas visitors to Australian
casinos are able to exploit preferential tax
rates and playing arrangements.
Competition between the various states for the
lucrative casino market enhances the
bargaining position of international players
with large sums to gamble. Alternative
remittance schemes (southern Asian hawala/hundi
systems and Chinese East Asian
18 FATF 2000, Report on Money Laundering
Typologies 1999-2000, OECD, Paris.
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