Victoria’s racing industry warned on money laundering as crooks move from casinos
Suspicious transactions within Victoria’s racing industry are not going unnoticed, say insiders, as money launderers move away from casinos.
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Victoria’s racing industry has been targeted by money laundering as criminals move away from casinos following a crackdown.
Industry insiders have revealed that a wave of suspicious transactions have occurred.
There are questions about whether horses have been purchased at inflated odds at horse sales as a means of cleaning dirty cash.
Three sources, who spoke on condition of anonymity, said Victoria needed to do more to protect itself against criminal infiltration.
Wagering turnover in racing increased during Melbourne’s lockdowns, with racing allowed to continue despite the restrictions, but has since dropped.
The Australian Criminal Intelligence Commission has commissioned reports about money laundering in Victorian racing.
One report has identified concerns about the source of funds of a racing figure.
“As a matter of policy, the Australian Criminal Intelligence Commission (ACIC) do not comment publicly on whether we are (or are not) investigating a particular matter,” the ACIC said in a statement.
Another source said there was regular monitoring of money movements in racing.
The industry has become increasingly attractive to criminal groups following the Royal Commission into Crown casino following widespread money laundering there.
Crown Resorts spent $20 million on upgrading the 2500 pokies at its Melbourne casino to carded play, with gamblers forced to set limits.
The change also provides a record of players spending, making it difficult to launder money as was previously done on the machines.
Organised crime costs Australia’s economy $60 billion each year, most of which needs to be moved through legitimate businesses.
Victorian Racing Minister Anthony Carbines said “money laundering has no place in the racing industry.”
“Safeguards to prevent money laundering are already in place and all businesses are required to comply with the legislation and rules,” he said.
“Any racing body that’s aware of corrupt conduct or evidence of money laundering should immediately report the matter to authorities to investigate.
“Any evidence of money laundering in the racing industry will be thoroughly investigated.”
Racing, along with casinos, must comply with the 2006 Anti-Money Laundering and Counter-Terrorism Financing Act.
They must also report to AUSTRAC details of how they prevent money laundering.
The Federal Court last year ordered Crown Resorts to pay a $450 million fine for money laundering breaches.
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Originally published as Victoria’s racing industry warned on money laundering as crooks move from casinos
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