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AUSTRAC investigates Perth Mint for financial crimes
White Collar 2022-08-30 9:35 pm By Cat Fredenburgh

AUSTRAC has appointed an external auditor to Perth Mint, Australia’s official bullion mint, to assess its compliance with anti-money laundering and counter-terrorism financing laws.

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Forum Finance judge recuses himself after questioning director’s credibility
Legal Ethics 2022-08-19 9:51 pm By Cindy Cameronne

A Federal Court judge has recused himself from hearing a fraud trial against Forum Finance, after expressing that he had an “unfavourable” impression of director Vince Tesoriero’s reliability as a witness.

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Money transfer biz director retreats from credibility attack on key witness in cartel case
Competition & Consumer Protection 2022-08-16 1:40 pm By Cindy Cameronne

The director of a money transfer business accused of fixing foreign exchange rates has filed a defence attacking the credibility of the federal prosecutor’s key witness, but his new lawyer says the attack might not be maintained at trial.  

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Citigroup judge calls out ‘complex and arcane’ criminal cartel laws
Competition & Consumer Protection 2022-08-15 11:17 pm By Cat Fredenburgh

The judge who oversaw a discontinued criminal cartel case over a $2.5 billion ANZ share placement has bemoaned Australia’s overly complex criminal cartel laws, noting prosecutors stumbled in advancing the indictment despite the case involving a “not particularly complex” set of facts.

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‘Serious allegations’ against Pitcher Partners to be heard in NSW
Accounting 2022-08-05 10:02 pm By Cindy Cameronne

A judge has denied a bid by accounting firm Pitcher Partners to transfer a $127 million lawsuit brought by the Twigg family, saying he was best placed to hear “serious allegations” the firm helped race car driver Max Twigg give a false understanding of his company’s assets.

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Silk warned by judge not to get ‘carried away’ in defamation case by bank boss Peter Schiff
Defamation 2022-08-04 11:56 pm By Sam Matthews

A judge has cautioned senior barrister Sue Chrysanthou over her colourful description of a 60 Minutes episode at the heart of Euro Pacific Bank boss Peter Schiff’s defamation case against Nine, urging the silk to “be careful”.

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Big Un auditor convicted of failing to comply with auditing standards
Accounting 2022-08-01 11:08 pm By Cat Fredenburgh

The lead auditor for Big Un’s flawed 2017 independent audit, which overstated the failed video company’s cash and cash equivalents by $8.2 million, has been convicted of failing to comply with auditing standards following an investigation by ASIC.

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NSW ICAC says pork barrelling could constitute criminal corruption
Public Corruption 2022-08-01 11:42 pm By Cat Fredenburgh

The NSW Independent Commission has found that pork barrelling, in which a minister directs public funds for partisan political purposes, could sometimes amount to criminal corruption and has called for better regulation of grants funding.

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Building giant BCEG wins $12M fraud case against former directors
Construction 2022-07-28 6:45 pm By Cindy Cameronne

Chinese construction and engineering firm BCEG has won a $12 million lawsuit against two former directors of an Australian subsidiary after they allegedly swindled millions from the company to fund their own developments and buy a luxury apartment.

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Insurers off hook over coverage for CIMIC Iraq bribery cases
Insurance 2022-07-27 2:02 pm By Sam Matthews

A judge has slashed engineering services firm CIMIC Group’s ten insurance claims in half, finding that the company failed to notify five insurers of a handwritten document dubbed the “Iraq file note” in relation to its claims for coverage of costs arising from allegations it engaged in corrupt practices, including bribing Iraqi officials.

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