Australias financial crime authority, AUSTRAC, has cautioned that casino junket organizers have become susceptible to penetration and manipulation by global criminal organizations, as per a report from The Sydney Morning Herald.
Junkets, serving as intermediaries linking casinos with affluent gamblers, especially those from Asia, aim to draw in high-stakes players. AUSTRAC published an evaluation of money laundering and terrorism financing vulnerabilities within junket activities, urging the casino sector to enforce more robust safeguards to combat potential financial crimes. The agency pinpointed money laundering as the principal danger linked to junket operations, noting that “the evaluation also discovered that patrons from overseas high-risk territories are a significant vulnerability connected to junkets.”
The examination of junket activities comes after an investigation earlier this year by the Independent Liquor and Gaming Authority (ILGA) in New South Wales into Crown Resorts. The investigation led to Crown Resorts postponing the launch of its Barangaroo casino until February 1st. Crown Resorts also declared it would halt dealings with junkets until it obtained authorization from gaming authorities.
“I implore casinos to take prompt action to evaluate the risk levels presented by junket operations, reinforce their oversight, and report suspicious actions to AUSTRAC,” stated AUSTRAC Chief Executive Nicole Rose.
She emphasized the possibility of more severe issues arising from junket activities: “Illicit funds and economic wrongdoings empower even more atrocious acts such as narcotics smuggling and human exploitation, which negatively impacts our community.”
It’s important to remember that, during this period, the nation’s junket sector was experiencing a halt due to travel limitations implemented because of the global health crisis.
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