25 September 2023

Gambling money crackdown on the cards

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A Memorandum of Understanding pledging greater cooperation has been signed between the ACT Gambling and Racing Commission (GRC) and the Federal Government’s Australian Transaction Reports and Analysis Centre (AUSTRAC).

Chief Executive of the GRC, David Snowden said AUSTRAC’s interdependent financial intelligence and regulatory functions were central to the framework established to protect Australia from money laundering, counter-terrorism and other serious financial crimes.

“The agreement recognises the importance of cooperation between AUSTRAC and gambling regulators when it comes to the detection and prevention of money laundering in the gambling sector,” Mr Snowden said.

He said it provided a framework around the GRC accessing AUSTRAC information.

“This is an important agreement which supports the GRC’s ongoing focus to reduce gambling harm in our community,” Mr Snowden said.

“This includes the reduction of gambling being used as a tool for criminals to launder funds,” he said.

“With the increasing sophistication of gambling platforms it is important that we work closely with Agencies such as AUSTRAC to support local and global efforts to reduce money laundering through gambling.

“We are pleased to support this work now and into the future.”

Chief Executive of AUSTRAC, Nicole Rose said combatting financial crime required a united effort across Government and industry and this latest agreement represented a further hardening of Australia’s financial system against criminal abuse.

“We welcome the support of local jurisdictions when it comes to assisting our anti-money laundering efforts and we thank the ACT GRC for their cooperation,” Ms Rose said.

“(We) look forward to working with them in the future,” she said.

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