Business

Casino helped bust tax evasion

A THREE-year, $2.5 million cigarette tax evasion case busted by Australian authorities with help from a casino highlighted how industry could help authorities crush finance crime, a report released on Wednesday revealed.

The report, by the body in charge of Australia's financial intelligence, AUSTRAC, detailed numerous different tax evasion, fraud and money-laundering schemes and how they were broken up.

In each case, bodies including banks, casinos, other lending institutions and everyday businesses helped uncover what were often major, long-running organised crimes.

In one case, casino reports on suspicious activity helped government authorities track down two directors of a company that was importing and selling cigarettes without paying $2.5 million in tax.

The report also advised industry to remain vigilant and report suspicious financial activity.

"In many cases, suspicious matter reports have been the main trigger for an investigation," the report reads.

"Transaction reporting provides key intelligence to support law enforcement agency investigations, including identifying new relationships, funds flows and patterns of financial activity."

Home Affairs Minister Jason Clare said the report confirmed that when government and industry worked together "we can catch the criminals responsible".

Topics:  banks casinos crime money tax evasion



premium_icon Why didn't the ATO prevent this?

Warren and Sheenah Whitten at their ARC Attack Engineering factory in Woolgoolga.

They lost their business after losing up to $1 million to accountant

Late paperwork almost costs fire service grant as well

Maclean Showgrounds. Photo JoJo Newby / The Daily Examiner

Grant could've been lost for another Valley group save for error

Clarence Valley Petrol and Weather

Where will you fill up the car today?

Grab the weather forecast and where to get the cheapest petrol today

Local Partners