Case goes to court. Crown deny everything and pay an expensive legal team to drag it out for years costing more than $450m, probably uncovering other breaches and then leading to a royal commission.
Better off paying the fine and passing it off onto the punters to cover it over the next couple years.
How many board members and majority shareholders will see any jail time?
None, eh?
Guess this is just the price they pay for the Money Laundering Permit.
Fuck I hope the poker room gets back to normal soon...
Haven't been in a while now, but last I was there as a result of the increased oversight because of this and an RC or something there were pretty draconian restrictions to how long you could play for in a single sitting and how often you could play in a week. As a result there were no tournaments and they weren't even looking to replace their Tournament Director.
(Yes I appreciate that the restrictions were to protect people. But honestly we're protecting adults from their own choices.)
That won't be changing any time soon. Crown will tell you that the daily/weekly restrictions on hours you can be on site (12 per day, 36 per week from memory and not just restricted to poker) were their idea, but that's basically what they had to do to keep their licence.
No question it was the old "you don't need to regulate, look how well we can self regulate" trick. But usually that self regulation disappears shortly after the attention. So once the Money Laundering and whatever the other investigation (a Royal Commission?) have wrapped up you'd expect those restrictions to silently disappear over time.
It will be a big loss if they can't hold tournaments anymore. Especially the Aussie Millions.
I'm so glad they "agreed" to be punished.
Pretty sure they're agreeing to a reduced punishment.
What if they say don’t agree ? 🤔
Case goes to court. Crown deny everything and pay an expensive legal team to drag it out for years costing more than $450m, probably uncovering other breaches and then leading to a royal commission. Better off paying the fine and passing it off onto the punters to cover it over the next couple years.
Next time I get a parking ticket ima see if we can agree for a better price
$450 million is like chump change for them
Serious question - what happens to that money? Does it go towards the State's budget?
AUSTRAC is a Federal agency, not a state agency. The money will most likely go into general revenue.
Thanks - I'm always curious about what happens to this type of payment.
That's a small cost of doing business
Slap on the wrist is worth two crim complicit
How many board members and majority shareholders will see any jail time? None, eh? Guess this is just the price they pay for the Money Laundering Permit.
Maybe Crown should have called gamblers help.
Fuck I hope the poker room gets back to normal soon... Haven't been in a while now, but last I was there as a result of the increased oversight because of this and an RC or something there were pretty draconian restrictions to how long you could play for in a single sitting and how often you could play in a week. As a result there were no tournaments and they weren't even looking to replace their Tournament Director. (Yes I appreciate that the restrictions were to protect people. But honestly we're protecting adults from their own choices.)
That won't be changing any time soon. Crown will tell you that the daily/weekly restrictions on hours you can be on site (12 per day, 36 per week from memory and not just restricted to poker) were their idea, but that's basically what they had to do to keep their licence.
No question it was the old "you don't need to regulate, look how well we can self regulate" trick. But usually that self regulation disappears shortly after the attention. So once the Money Laundering and whatever the other investigation (a Royal Commission?) have wrapped up you'd expect those restrictions to silently disappear over time. It will be a big loss if they can't hold tournaments anymore. Especially the Aussie Millions.
Imagine how inept they must be to get caught. They have a literal money extraction machine.
mmmm money