![]() ![]() About AUSTRACĪUSTRAC (the Australian Transaction Reports and Analysis Centre) is the Australian Government agency responsible for detecting, deterring and disrupting criminal abuse of the financial system to protect the community from serious and organised crime. In return for bringing the players to the casino, the casino pays the JTO a commission based on the collective gambling activity of players on the junket. In September 2018, the Australian Government announced the provision of $5.175 million to AUSTRAC to undertake an expanded three-year program of work to deliver risk assessments that focus on Australia's largest sectors: banking, gambling and remittance services.Ī junket is an arrangement between a casino and a junket tour operator (JTO) to facilitate a period of gambling by one, or a group, of players at a casino. 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. It will also assist law enforcement and regulatory agencies.ĪUSTRAC 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. The information in this assessment will assist casinos to assess their level of risk, strengthen their controls and report suspicious activity to AUSTRAC. In producing the assessment, AUSTRAC engaged with casinos, banks and State and Commonwealth regulatory and law enforcement agencies, to collect information and insights about criminal threats, vulnerabilities and consequences related to junket operations. The assessment also found that patronage by high risk customers from foreign jurisdictions is a key vulnerability associated with junkets. ![]() ![]() The assessment concludes that the main criminal threat facing the JTOs sector is money laundering. Do this now.AUSTRAC has today launched its money laundering and terrorism financing (ML/TF) risk assessment of the junket tour operations (JTOs) sector.ĪUSTRAC assesses that the JTO sector faces multiple criminal threats and the overall ML/TF risk is high. It doesn’t matter if you have $500 or $5 million.The Best $1 Investment You Can Make Today.Buy This $5 Stock BEFORE This Apple Project Goes Live.The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines. On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. Read More: Penny Stocks - How to Profit Without Getting Scammed If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that ’s writers disclose this fact and warn readers of the risks. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. Dear HLBZ Stock Fans, Mark Your Calendars for March 31.Why Is Catalent (NYSE:CTLT) Stock Up 20% Today?. ![]() RIVN Stock Alert: What to Know as Rivian Develops Electric Bike.All of that news is ready to go at the following links! More Monday Stock Market News We’ve got all of the hottest stock market coverage traders need to know about on Monday! That includes everything happening with shares of Rivian Automotive (NASDAQ: RIVN), Catalent (NYSE: CTLT) and Helbiz (NASDAQ: HLBZ) stock today. ![]()
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