Federal Court warns AUSTRAC it is in danger of being a ‘soft touch’

Crown Resorts says it cannot pay the $450 million penalty at onceThe nation’s financial crimes agency is in danger of being a “soft touch” because it has always reached an agreement with companies found to have acted inappropriately, the Federal Court has warned.

He ultimately accepted the deal but made the parties agree to speed up the repayment schedule if Crown’s cash position allowed, ordering that the company give AUSTRAC its financial reports and an affidavit from its CEO explaining whether it could repay the fine and, if not, why not, annually. “A danger arises that a sophisticated contravener will approach negotiations on the basis that it can present obstacles to making admissions, and delay and hold out to secure what they perceive to be the lowest possible permissible figure confident that the regulator will not take them on,” Justice Lee said in his decision on Tuesday. The fine was already at the lower end of an appropriate penalty for the casino giant’s “very egregious” lawbreaking, he added.

Justice Lee had previously said he was concerned that that penalties were not so small that they “encouraged people to behave in a way where it’s economically rational to break the law”.“can’t afford to pay more than we’ve agreed”,

Law Law Latest News, Law Law Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Federal Court approves $450 million Crown settlementThe Federal Court has approved the $450 million settlement between Crown Resorts and financial crimes regulator AUSTRAC after the parties agreed to an accelerated payment schedule if the casino operator’s financial health improves.
Source: theage - 🏆 8. / 77 Read more »

Angus Beaumont’s killers to be allowed retrial after ‘miscarriage of justice’Two teenagers found guilty of murdering 15-year-old Angus Beaumont will be allowed a retrial on the grounds the jury were given confusing directions about what happened after the stabbing, causing a miscarriage of justice.
Source: brisbanetimes - 🏆 13. / 67 Read more »

The woman who killed my son had diplomatic immunity. This is what I had to do for justiceAfter her son died, Charlotte Charles promised him she would ensure the responsible person was held accountable. The years she spent fighting were 'the worst of her life'. Via insightSBS
Source: SBSNews - 🏆 3. / 89 Read more »