Compliance News, EU/Europe, Gaming
A Maltese gambling company has been handed down a penalty of £6M, much of which stems from anti-money laundering failings.
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Financial Conduct Authority
Paul Taylor, former CEO of Blue Horizon Asset Management (BHAM) has been fined £489,000 and banned from working in financial services by the FCA.
Australia Federal Police
Four people have been sentenced by the District Court of NSW for their roles in a two-year, $10.7 million fraud that used labour hire and payroll companies linked to the building and construction industry. A joint AFP and ATO investigation, under the Serious Financial Crime Taskforce and known as Operation Bordelon, began in December, 2018, following intelligence identified in multiple criminal investigations. The court heard that four individuals were part of a sophisticated money laundering and tax evasion scheme, which ran from July 2018 to July 2020 and diverted $10.7 million in PAYG withholding from labour hire services.
US Department of Justice
The Fraud Division has a clear mission: to prosecute fraud in the United States, no matter its size or complexity. This mission is critical to restoring public confidence in the federal government’s ability to responsibly steward taxpayer dollars. The Government Accountability Office recently estimated that the federal government loses between $233 billion to $521 billion annually to fraud — with other models showing even higher annual losses. Accordingly, Fraud Division personnel will work tirelessly to bring to justice individuals and corporations who have defrauded the public fisc, and threaten the health, safety, security, and prosperity of Americans.
