The ASX-listed casino giant told investors on Monday morning that it had received a notice from AUSTRAC about potential "non-compliance" and that the regulator had referred the matter to its enforcement team.Credit:Joe Armao
The ASX-listed casino giant told investors on Monday morning that it had received a notice from financial intelligence watchdog AUSTRAC about potential"non-compliance"with money laundering laws and that the regulator had referred the matter to its enforcement team.
The AUSTRAC investigation comes amid itense scrutiny on Crown after a bruising public inquiry by the NSW casino regulator,the Independent Liquor&Gaming Regulator,revealed evidence of governance breaches by board directors and the ongoing influence of top shareholder,billionaire James Packer,despite his resignation from the board in 2018.
The NSW inquiry was sparked bya series of reports by The Age,The Sydney Morning Herald and60 Minutesthat revealed the casino giant had gone into business with junket operators that have links to organised crime in Asia,and its failure to stop alleged money laundering at its Melbourne and Perth casinos.
The Age andHerald alsorevealed in July last year the cousin of Chinese President Xi Jinping,Ming Chai,was one of Crown's high roller customers. TheNSW Inquiry heard in September that a convicted drug dealer and Communist Party influence operative,Zhou Qiyun,was still involved in junket operators working with Crown.
Mr Packer is Crown's largest shareholder with a 36 per cent stake. He recently flagged a sell down of his stake in the company to preserve its valuable Sydney casino license and said the board"had a lot to think about". But it is not clear how he will vote at next week's AGM,and representatives for Mr Packer's private company did not respond to enquiries from this masthead.
Perpetual's looming protest vote follows a warning from powerful advisory group,the Australian Council of Superannuation Investors,which called for all directors to consider their positions on the board. ACSI said its members,which own about 7 per cent of Crown's shares,would vote against the directors up for re-election at the AGM:Guy Jalland,a close associate of Mr Packer,and independent directors Jane Halton and John Horvath.