Wednesday 20. April, 2016

Austrac Makes New Allegations Against Tabcorp

Australian gambling giant, Tabcorp, is facing new allegations from the federal financial intelligence agency, Austrac (Australian Transaction Reports and Analysis Centre). Austrac has amended its statement of claim on the company, delaying the scheduled court hearing from September this year until June 2017.

Austrac took legal action against Tabcorp and its Victorian and NSW betting businesses last July after undertaking a comprehensive assessment of the company’s anti-money laundering and counter terrorism financing provisions. The regulator found that Tabcorp had failed to inform them of more than 30 TAB accounts that were opened under false names and were used for credit card fraud linked to organised crime.

“Tabcorp advises that today Austrac has been granted leave to file an amended Statement of Claim, containing further alleged contraventions under Tabcorp’s former anti-money laundering and counter terrorism financing program, which are of a similar nature to those already in issue in the proceedings,” read a statement from the company to the ASX.

“Tabcorp will file its response in relation to the amended statement of claim in accordance with the court timetable.”

In November last year, Tabcorp established a new risk department run by Clinton Lollback, a former executive of MacQuarie Bank. The department was created to deal with the Austrac claims and to shake up the management of the company.

“It should be noted that in 2015 Tabcorp adopted a new anti-money laundering and counter terrorism financing program, which included substantial investment in enhanced capability, processes, systems and controls that underpin this new program,” continued the company’s statement.

Tabcorp is also in the midst of an investigation into claims that it made a $200,000 payments to the family of Cambodian Prime Minister Hun Sen in 2009 while they were lobbying for an investment opportunity in the country.

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April 16, 2017

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