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AUSTRAC expands its Federal Court action against three Tabcorp companies

The Federal Government’s financial intelligence agency, AUSTRAC, has filed a further sixty-one alleged contraventions against Tab Limited, Tabcorp Holdings Limited and Tabcorp Wagering (Vic) Pty Limited adding to current civil penalty court proceedings. 

AUSTRAC CEO, Paul Jevtovic, said the additional alleged contraventions related to information that had come to light after the initial civil penalty action was launched last year - bringing the total number of alleged contraventions to 236.

“This ongoing investigation into Tabcorp’s extensive, significant and systemic non-compliance with Australia’s money laundering and counter-terrorism financing (AML/CTF) legislation has resulted in these additional allegations. 

“These allegations, while similar to those filed by AUSTRAC last year, are serious and reflect a systemic pattern of non-compliance over a number of years,” he said.

“Our AML/CTF regime is designed to protect the integrity of the financial sector and to prevent criminals from laundering dirty money through our financial system. 

Non-compliance of this nature provides opportunities for organised crime to exploit vulnerabilities and puts at risk the integrity of the Australian financial system, as reflected in the new allegations.

“Most Australian businesses want to do the right thing and don’t want criminals exploiting them and their organisation.  AUSTRAC is committed to working with these businesses to help them protect themselves and their reputations.”

“This case is a timely reminder that all reporting entities – big and small – must meet their compliance requirements, in order to protect the Australian community.” 

The maximum civil penalty a court may currently order for an individual contravention is $18 million.