The Australian financial intelligence agency, AUSTRAC, is broadening its current inquiry into Star Entertainment Group. This action follows a prior investigation, revealed in June 2021, concerning potential breaches of anti-money laundering and terrorism financing regulations at Star’s Sydney gaming establishment. As Australia’s financial crime regulator, AUSTRAC holds a critical position in protecting the nation’s financial infrastructure from illicit exploitation.
Star Entertainment Group confirmed the expanded inquiry, highlighting that AUSTRAC has not yet ascertained what regulatory measures, if any, it may pursue. This encompasses the prospect of legal actions.
The corporation indicated that AUSTRAC has sought supplementary data and records as a component of its investigation. Star reaffirmed its dedication to upholding its anti-money laundering duties and vowed complete collaboration with AUSTRAC’s inquiries and the comprehensive investigation.
This situation arises during a difficult period for Star, as it is also encountering scrutiny from the Independent Liquor & Gaming Authority (ILGA), New South Wales’ gambling regulatory body. The ILGA is gearing up for public proceedings in March as part of its evaluation of Star’s Sydney casino permit following accusations of significant governance shortcomings.
At the beginning of this week, Blackstone, an investment company, enhanced its offer for the struggling casino enterprise, Crown Resorts, proposing A$13.10 (US$9.55) for each share. The board of directors at Crown has signaled its readiness to endorse the agreement to its stakeholders.