Junkets Should Get Regulated by the Casinos, not by The Regulators: Said Austrac

A terrific scandal has risen centered on the Crown Resort of Australia. Gambling operators of Australia and others across the world are now preparing to observe changes in the activity regulatory system. The future of the Casino Resort is already in doubt. It has been declared unsuitable for holding a license. Investigators are looking into the matter for more fallouts to bring in light. Until any of the new regulations get implemented, the situation raised by the scandal is being handled by Australia’s economic watchdog AUSTRAC, the Australian Transaction Reports, and Analysis. It has been made clear that junkets which are observed by the casinos, should be managed by their operators. Regulators cannot be liable for them.

Culprit Behind the Scene

The regulators and the government officials have spent an enormous amount of time investing an ocean of information just to find out the culprit accused of instigating a huge money laundering. The topic has come up during a recently held Senate hearing. There, Nicole Rose, the AUSTRAC’s CEO, has clearly instructed that casino operators are meant to manage all of their operation’s aspects, including junkets.

He addressed in the hearing that the AUSTRAC didn’t regulate any junket tour-operators. A similar view has been reiterated by the Federal Court. She said if the questions of junket regulation and the void in it ever rise, the domestic regulatory system would not answer them. She also highlighted that the gaming industry was well-constructed, and it can manage and evaluate its own risk.

AUSTRAC has long believed that the casino operators were quite lax in the oversight of junkets as they are liable to bring massive amounts of money every year. The watchdog determined approximately 3 years ago that particular activities can be slide by the operators, and they often don’t perform diligently to make sure that their way of living is up to Australia’s economic standard.

The Crown resort now has got exposed and accused of egregiously breaching ethical and regulatory policies. The truth is yet to debunk. Operators cannot be obliged to keep the junkets in line as they are a sort of legitimate contract with a defined purpose.

 

Vincenzo Davari, a writer on Sweden's best online casino, is a reporter by profession, but a learner by nature who provides informative news regarding casinos and gambling. When he gets free time, he loves to travel and explore the unknown. His diligent work helped him to get the Journalist’s Award twice.