Star Casino given monster $260 million fine for money laundering breaches
The Star Entertainment Group has been fined $260 million by the Federal Court for significant money-laundering breaches. The company, which faces potential liquidation, was found to have prioritized profits over regulatory compliance.
Why it matters
This case highlights the severe legal and financial consequences for major corporations that fail to implement adequate anti-money laundering controls.
shares Share article Australia’s biggest listed casino company is on the brink of administration after being fined $260 million for historical money-laundering violations.
The Star Entertainment Group was fined in the Federal Court on Wednesday, four years after financial intelligence agency AUSTRAC launched legal action against the company.
The Star has been fined in the Federal Court over a money-laundering case bought by the financial crimes watchdog, AUSTRAC. James Brickwood
The agency previously argued a $400 million penalty was necessary to punish what it said were “manifest failures” at Star.
But the stockmarket-listed company, which has a market value of $763 million, argued any penalty over $100 million would send it into liquidation.
Justice Cameron Moore determined a $260 million penalty was appropriate for the significant harm Star’s conduct has caused.
“In effect, Star put profit ahead of compliance,” the judge said.
Headlinne story · 3 newsrooms
Federal Court Fines the Star Entertainment Group 260 Million Dollars
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