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Crown Resorts denies money laundering allegations
An executive at casino operator Crown Resorts denied it deliberately ignored money laundering but admitted it made many errors in failing to stop alleged criminal activities.
Deputy Chairman John Horvath spoke at the gaming licence hearing for Crown’s new $2.4 billion Barangaroo resort.
The company has been accused of enabling organised crime and specifically money laundering at its resorts.
The inquiry hearrd ‘massive cash transactions’ went unreported, which violates a law requiring all transactions over $10,000 to be reported to the financial crime regulator.
The hearing said there were instances described as ‘red flags for money laundering’ but Horvath ‘didn’t accept turning a blind eye to it.’
"These are instances of failure by some staff to follow operational procedures that were clearly outlined," he said.
The hearing heard Crown Resorts had major business dealings with Alvin Chau, who ‘has a substantial criminal history’ and has been banned from entering Australia.
"We take our obligations very seriously and clearly our processes were not sufficient to deal with those issues at that time. That is why we are undertaking the steps that we are doing to remedy that situation," Horvath added.
Written by Ray Montgomery, Asia Editor
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TravelMole Editorial Team
Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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