Western Australia’s Investigation into Crown Resorts Wraps Up
The third Crown Resorts money laundering probe has now been completed, but the findings are still months away. The casino giant has spent almost two years in the spotlight, and the real mission is finally nearing its end.
The last witness scheduled for the Royal Commission of Crown Perth in Western Australia testified on Wednesday, with Group Chief Compliance Officer and Financial Crimes Officer Steven Blackburn on the stand.
Blackburn took office on February 24 and soon began reviewing the financial crime and compliance programs of the casino giant of the time. He reported to the board in May, outlining the improvement plan and explained that, at the time, Crown jointly had a program that met effective requirements to manage the risks of financial crimes. But, he also acknowledged during his testimony that more could have been done.
“However, there were opportunities for considerable enhancements across all elements of the ecosystem,” Crown’s Steven Blackburn admitted.
The committee, consisting of former Supreme Court judges Neville Owen and Lindy Jenkins, and former auditor Colin Murphy, will meet at the end of January to hear the final presentation, which is expected to last for three days. The results are scheduled to be released on March 4.
The committee previously said that the timeline would give enough time to digest the findings of the Royal Commission of the Victorian investigation last month. Those findings painted an even grimmer picture of Crown’s failings than did the investigation in New South Wales (NSW).
Victoria’s Ruling Could Hint at Western Australia’s Position
Commissioner Raymond Finkelstein said the Victoria State Government had “slightly reluctantly” decided not to recommend the removal of Crown Melbourne’s gambling license, even though it was on the table. Finkelstein asserted that Crown had been involved in “disgraceful … variously illegal, dishonest, unethical and exploitative” conduct for years.
Crown’s new $ 2.2 billion Sydney venue has been denied a gambling license after the NSW findings were broadcast, but its bars, restaurants, and more have been open since last December despite the lack of a casino.
A study led by Patricia Burgin called the influence of former President James Packer “disastrous.” He was the driving force behind getting more Chinese high rollers to Crown’s casinos in the midst of the scandal.
Packer was also the target of the investigation in NSW but was not called in to testify at the Royal Commission of Victoria. Due to the Victorian Royal Commission, he will need to reduce his stake, held through Consolidated Press Holdings, in Crown from 37% to less than 5%, but the deadline for that to happen is still clear. Packer has previously stated, in unrelated conversations, that he would be willing to take a reduction.
Packer’s testimony in Perth’s investigation was explosive. He acknowledged not having attended any of the board meetings of Burswood Ltd, Crown Perth’s holding company, between 2013 and 2016, despite the fact that criminal gangs were moving into the VIP gaming facilities. Packer admitted that he “should have attended or resigned.”
Crown, which destroyed the board as a result of the scandal, still faces the Australian Transaction Reports and Analysis Centre (AUSTRAC) for the management of its casinos in Perth and Melbourne.
The post Western Australia’s Investigation into Crown Resorts Wraps Up appeared first on Casino.org.