This Month
No ID? New anti-money laundering rules won’t stop agents making deals
Ahead of the reforms next year, the regulator has to walk a fine line between enforcing the rules and not hindering the real estate industry.
Anti-money laundering crackdown presents risks for real estate
The time it will take to retool a highly fragmented service industry to crack down on financial crime - and compliance costs - is an issue.
May
Ex-Goldman banker gets two-year prison sentence in 1MDB case
Tim Leissner pleaded guilty in 2018 for his involvement in a multibillion-dollar scandal involving Malaysia’s sovereign fund 1MDB.
‘Rich and naive’: Why Singapore is engulfed in scams
City-state residents who spend a lot of time online and are naturally compliant with authority are especially vulnerable.
Deja vu? Elizabeth Holmes’ partner has a blood-testing start-up
Billy Evans has two children with the jailed Theranos founder. He’s now trying to raise money for a new firm that promises “human health optimisation”.
April
ASIC’s WiseTech investigation goes from preliminary to formal
The corporate regulator has already examined current and former directors at the logistics software giant as it probes disclosures made about share trading.
March
Star’s top lawyer concedes casino should have cut junket operator
Star’s former top lawyer was extensively questioned over the troubled casino operator’s relationship with an Asian gambling junket operator.
January
Virtical boss may have acted as shadow director after resigning
Administrators say John Palasty controlled key accounts and operations despite resigning from the company that owned Hotel Australasia and a luxury resort project.
December 2024
Pump and dumper behind NSW mining application wave
Gabriel Govinda denies his companies are spruiking stock they receive for selling exploration licences. Residents and politicians are concerned about the convicted pump-and-dumper’s involvement in mining projects along the NSW north coast.
November 2024
Barristers seek exemption from tougher money-laundering laws
Bar associations are concerned draft AML/CTF legislation will force them to conduct due diligence on clients already conducted by instructing solicitors.
October 2024
Bill Papas ‘the architect’ of $500m bank fraud, court finds
He masterminded an audacious scam worth $500 million that funded a lavish lifestyle of yachts, sports cars and property before he fled Australia.
Labor, Coalition clash over laws for lawyers, accountants, realtors
Shadow attorney-general Michaelia Cash roundly criticised plans to expand anti-money laundering laws to the three professions.
Juror misconduct probe flagged for Plutus tax fraud trial
Sheriffs will be asked to probe possible juror misconduct in the Plutus tax fraud trial, which ran for nine months and led to five people being jailed.
September 2024
Luxury cars among Plutus Payroll tax fraud spoils up for grabs
A Porsche Cayenne GTS, a Porsche 911 GT3 and two Wolf GB08 Tornado racing cars are among 30 vehicles confiscated from instigators of the fraud that will be auctioned off.
Australian executive allegedly stole $2.7m from Singapore’s CapitaLand
The real estate giant has more than $9 billion in its local portfolio. It accused Yongho Lee of taking the money by faking documents and moving to South Korea.
Real estate agents face costs to meet new money laundering rules
Australia is at the bottom of a global compliance ranking to halt dirty money flows. Fixing that will raise costs for real estate agents.
August 2024
‘Obscenely greedy’ oil execs jailed over vast 1MDB fraud
A Swiss court found the former PetroSaudi executives responsible for embezzling $2.6 billion in what the court heard was the “fraud of the century”.
ASIC budget set to fall despite warnings on resourcing
The corporate regulator’s annual budget appropriation will be $6 million lower in 2027-28 compared with last financial year, but when adjusted by inflation the cut is much bigger.
Tax fraudster Li Zhang fights the ATO from jail
The irony of the convicted golf course developer now accusing the Tax Office of doing something untoward is so delicious, you could serve it up at a hatted restaurant.
The case for splitting ASIC
Australia needs a dedicated financial industry conduct regulator, rather than a securities regulator that regulates everything.