Federal Court approves $450 million Crown settlement

During the two-day hearing, Justice Michael Lee had expressed concern that Crown was effectively paying a fine of $405 million as the payments were being extended over two years due to Crown’s claims of financial hardship – which had not been tested by AUSTRAC.

Crown told the court that it was now forecasting a loss of $390 million for the financial year ending June 30, 2023, up from $374 million when the affidavit was filed, due to deteriorating economic conditions.Lee expressed concern that these claims of financial hardship were untested as AUSTRAC chose not to cross-examine Crown on this point.

Crown’s barrister, Philip Crutchfield, KC, disagreed that the suitability of the $450 million fine needed further scrutiny: “We’ve got an agreed position with a very sophisticated regulator, dealing with the largest companies in Australia, extracting properly, huge fines for breaches of very important Commonwealth legislation.”

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