SkyCity may be the first company to test the strength of AUSTRAC’s claims in court, according to a judge who recently said in a separate case that the regulator’s habit of agreeing to penalties could give rise to a “moral hazard”.
A judge has approved a $450 million penalty put forward by Crown Resorts and AUSTRAC despite reservations about evidence going to the casino operator’s financial position.
The judge asked to approve a proposed $450 million penalty in AUSTRAC’s case against Crown Resorts has questioned whether the practice of regulators settling enforcement action ahead of trial gave rise to a “moral hazard” problem.
A proposed interest-free payment plan for a $450 million penalty agreed to between Crown Resorts and AUSTRAC has been questioned by a judge, who said it would have “the Commonwealth of Australia act as the Crown’s banker” for two years.
Despite assurances, wealth manager Insignia Financial did not engage PricewaterhouseCoopers to review the performance of its ‘Buy Model” investment portfolio after an equities analyst complained it had been overstated, a court overseeing a shareholder class action trial has been told.
A private investment fund has won its claim as a secured creditor over $2 million in research and development tax refunds that a court previously found should go to employees in a fight over funds remaining following the collapse of fintech Spitfire Corporation.
Crown Resorts has reached agreement with AUSTRAC to pay a $450 million penalty for the casino operator’s serious breaches of the anti-money laundering and counter-terrorism financing laws.
A judge has largely granted a bid by port operations provider Engage Marine to obtain copies of restricted documents in the ACCC’s case against TasPorts as it mounts its own case against the government-owned body, despite noting that principles of open justice don’t dictate an “open slather” approach to documents.
Crown Resorts has reached agreement on a proposed penalty in AUSTRAC’s case alleging “widespread and serious non-compliance” with anti-money laundering and counter terrorism financing laws, but the presiding judge says more information is needed for the court to fix a fine.
Fox News CEO Lachlan Murdoch has dropped his defamation lawsuit against Crikey publisher Private Media over an article that allegedly linked him to the January 6 attack on the US Capitol.