TABCORP FACES LEGAL ACTION

Written on the 22 July 2015

TABCORP FACES LEGAL ACTION THREE Tabcorp (ASX: TAH) companies have been served in the Federal Court for non-compliance with Australia's anti-money laundering and counter-terrorism financing legislation.

The Government's Australian Transaction Reports and Analysis Centre (AUSTRAC) has initiated civil penalty proceedings against Tab, Tabcorp Holdings and Tabcorp Wagering (Vic).

The maximum civil penalty a court may currently order for this practice is $17 million.

AUSTRAC's action follows a long and comprehensive process of assessment of the Victorian business' anti-money laundering and counter-terrorism financing compliance.

AUSTRAC reports it has provided a 'number of opportunities' for these companies to improve their standards and compliance, but they have failed to take the necessary steps.

The body says this type of non-compliance provides opportunities for organised crime to exploit vulnerabilities and puts at risk the integrity of the Australian financial system.

TAH issued a statement today that it 'takes its compliance obligations extremely seriously' and 'will inform the market of its intended response'.

 


Latest News

Q & A WITH FACEBOOK GURU ANDY MCKEON AS HE JOINS AUSTRALIAN SOFTWARE COMPANY LIVETILES

HE was creative director at Apple under the legendary Steve Jobs, and is now a senior Facebook executive. In his n...

EAST COAST PROPERTY BOOM BUILDS PROFITS FOR BRICKWORKS

AUSTRALIA'S residential property boom has helped drive a sharp rise in first half earnings for Brickworks (ASX: B...

COLLINS SUPERSIZES IN EUROPE WITH PURCHASE OF 16 KFC RESTAURANTS IN THE NETHERLANDS

COLLINS Foods (ASX:CKF) has stepped up its European expansion through the purchase of 16 KFC restaurants in the Ne...

CSIRO HELPS DEVELOP AUSTRALIAN PHARMA COMPANY FROM $10 MILLION TO $305 MILLION

GOVERNMENT backed scientists have helped multiply the market value of a previously small Australian pharmaceutical...

Related News

RAY OF HOPE FOR SLATER AND GORDON AS LENDERS STEP IN

EMBATTLED law firm Slater and Gordon (ASX: SGH) has announced to the ASX that it has launched confidential discussion...

SPROUTX PROVIDES THE SEED FOR AGTECH STARTUPS

AGTECH innovation fund SproutX has opened applications for its first accelerator round, backed by $10 million from...

GAS PRICES MAY FORCE BRICKWORKS TO TAKE MANUFACTURING OVERSEAS

BRICKWORKS Limited (ASX:BKW) chairman Robert Millner says soaring energy prices may force the company to turn to offs...

CHINA CONTINUES TO COLLECT AUSSIE PROPERTY ASSETS

CHINESE coin continues to dominate Australia's offshore real estate investment market, accounting for almost h...

EVENTS COMING UP

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter