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Investigation into Australia’s Crown Resorts deepens

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Australia’s financial crimes watchdog has widened its investigation into Crown Resorts.

The watchdog uncovered potential breaches of anti-money laundering laws at Crown’s Perth casino.

Crown Resorts’ also admitted on Monday that it broke Victorian law for five years at its flagship Melbourne casino and confirmed the financial crimes watchdog has launched a second probe into money laundering at its Burswood casino following revelations at the West Australian royal commission.

An October probe triggered an 8 percent crash in Crown’s share price, wiping $500 million from the company’s value.

Crowns Resorts says it’s “continuing investigations into these matters, including whether it may have breached other laws”.

Rival casino operators The Star and SkyCity also told the market the watchdog AUSTRAC had launched an investigation into financial crimes at their casinos for possible breaches of anti-money laundering and counter-terrorism financing laws.

Australian Watchdogs Step Up Investigations

Meanwhile, SkyCity Adelaide is also being investigated for potential breaches.

And one of Australia’s big four banks, NAB has also been referred to AUS-TRAC for “potential serious and ongoing non-compliance” with anti-money laundering laws.

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Money

Will Australia’s foreign investment rule create an economic boost?

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Australian Treasurer Dr. Jim Chalmers announced an overall of foreign investment rules ahead of the budget.

Australia is set to announce a significant decline in its projected gross debt, signalling a more optimistic outlook for the country’s fiscal health.

The Airport Economist, Professor Tim Harcourt at UTS joins to discuss.

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Money

Research key to investment success

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What is the importance of research in the investing and super landscape in Australia?

Wyld Money dives into the world of financial freedom. Whether you’re a seasoned investor or just getting started, join us for actionable tips and tricks to unlock your earning potential, and retire on your own terms.

In this episode, Mark is joined by Peter Green, Director of Research at Lonsec Research. #wyld money

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Why “stagflation” will be the greatest financial threat of 2024

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With inflation soaring and economic growth tapering off, concerns about stagflation are on the rise

Stagflation, a situation characterised by high inflation coupled with stagnant economic growth, presents a unique challenge that many are ill-prepared to face.

Mark Wyld from MW Wealth joins to unpack what defines “stagflation”. #featured

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