Why has Sydney Casinos been in the news?

What will happen to crown Sydney?

“As part of a restructure of its International VIP business Crown has closed its overseas offices and intends to operate its International VIP activities out of Australia,” Crown said in a statement on Thursday.

Why is Crown Casino being investigated?

AUSTRAC revealed in October last year it was formally investigating Crown over “non-compliance” with anti-money laundering laws at its flagship Melbourne casino relating to the due diligence it conducted on high-roller patrons.

How did crown money launder?

Last year’s Bergin inquiry in NSW found Crown was unfit to run its new Sydney casino, with a key reason being that it facilitated money laundering through two patron deposit bank accounts held through shell companies called Southbank Investments and Riverbank Investments.

Will Crown Melbourne lose its Licence?

The cancellation of Crown Resorts’ Melbourne casino licence could be deferred for up to 18 months to give the gaming giant time to mend its ways or allow the Victorian government to appoint a new licensee in the least disruptive way, counsel assisting the state’s royal commission into the group have suggested.

Who owns Crown Sydney?

What is money laundering?

Money laundering is the generic term used to describe the process by which criminals disguise the original ownership and control of the proceeds of criminal conduct by making such proceeds appear to have derived from a legitimate source. The processes by which criminally derived property may be laundered are extensive.

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What is the Crown Casino inquiry?

The inquiry found that “clearly” money had been laundered at Crown Melbourne. It also examined two Crown bank accounts used by patrons to deposit funds for gambling, with evidence Crown failed to act on information they were repeatedly used for money laundering.