AUSTRAC admits it’s powerless to stop casino money laundering

Ultimately, it doesn’t matter what the authorities do, there will always be people who are motivated to find (and they will find) ways to get through the net. Of course it doesn’t mean the authorities should give up, it just means that the public who want these laws enforced to prevent financial crimes must adjust their expectations as to the outcomes. The struggle is real.

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The financial crimes watchdog knew for years casino junket operators were a risk for potential money laundering but flagged it was powerless to prevent tainted funds from entering Australia.