Australias financial crime agency, AUSTRAC, has broadened its inquiry into Star Entertainment Group, extending its scrutiny of the casino company. This action follows an initial investigation revealed in June 2021, centered on Star’s Sydney gambling venue. AUSTRAC, responsible for protecting Australias economic system from illicit use, seeks to ascertain whether Star possesses sufficient safeguards to combat money laundering and other financial wrongdoings.
Although Star acknowledges the expanded probe, they stress that AUSTRAC has not reached any conclusions regarding potential regulatory measures or legal actions. The corporation affirms its dedication to complete cooperation with AUSTRAC, furnishing all requested data and records.
This recent setback occurs as Star is already under intense examination. New South Wales’ gambling authority, ILGA, is readying for a public inquiry in March as part of its assessment of Star’s Sydney casino permit. These proceedings arise from grave accusations of impropriety and regulatory violations, placing Star’s future in peril.
At the beginning of this week, Blackstone, an investment company, increased its proposal for Crown Resorts, the struggling Australian gaming corporation. Blackstone raised its bid to AU$13.10 per share, assessing Crown at approximately US$9.55 billion. Crown’s directors have signaled their intent to endorse the agreement to stakeholders.
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