Tabcorp has been fined 45m as a warning to other companies considering engaging in illegal operations including supporting terrorism. Fortunately no humans were involved. (No one was hurt as a result of these terrorist financing activities-Malcolm Turnbull)
Following recent legislation anyone that engages in support of terrorist activities is at risk of losing their citizenship if the Attorney General feels like it, the honerable George Brandis, who is unfortunately often somewhat confused.
Recent reports suggest he left Canberra for a business function and somehow found himself at a wedding of a close friend. He paid back all the expenses he claimed from this unfortunate lapse and the treatment continues. It was not thought necessary to charge Mr Brandis with fraud as he had quote “suffered enough”
Tony Abbott who introduced the legislation who coincidently is born in England so is in fact a “Pom” imposed this agenda on born Australians.
It appears that these new laws apply to everyone except the fortunate TABCORP which escaped with a fine.
TABCORP has put out a statement that it acted completely alone, and as a separate legal entity to the practical management team at the business who knew nothing and no human was involved in any of the transactions “Honest”
GAMING company Tabcorp has been fined $45 million for breaching anti-money laundering and anti-terrorism financing laws.
The massive fine imposed by the Federal Court is the highest civil penalty in Australian corporate history.
The multi million dollar fine was handed down after a civil penalty proceedings was brought against Tabcorp by AUSTRAC, the Federal Government’s financial intelligence and regulatory agency.
The Federal Court found that Tabcorp broke the law on 108 occasions over five years.
In July 2015, AUSTRAC filed papers in the Federal Court against the three Tabcorp group companies for extensive, significant and systemic noncompliance with Australia’s anti-money laundering and counter-terrorism financing legislation.
AUSTRAC CEO Paul Jevtovic addressed the media in Sydney today, where he said that it sends an “unequivocal message” to gaming companies.
“It wasn’t until AUSTRAC drew these deficiencies to the attention that they have been found out, he said.
“There can be no doubt that this was a serious failure in the corporate governance and the size of the penalty reflects a consistent and extensive noncompliance.
“Quite simply it failed in its obligations.”