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What we are watching: Tainted Gold
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This week we are watching ABC’s Four Corners: Tainted Gold.
The story of Perth Mint's non-compliance with Australia's Anti-Money Laundering and Counter-Terrorist Financing Act.
One of the significant compliance failures is failing to adequately look at the source of funds in their compliance management programs.
Last August, the Australian Transactions and Analysis Centre (AUSTRAC) ordered Perth Mint to appoint an external auditor to look into compliance failures in their AML & financial crime compliance management.
In September, Austrac published updated guidance and typologies for the bullion sector.
Allegations against Perth Mint also have implications for failures in their sanctions regime—an area of compliance and risk management that has gained a lot of currency since the start of the Russian and Ukraine conflict.
Here is a past podcast looking at the challenges of sanctions compliance management
This week also has seen allegations of Hillsong church participating in money laundering, fraud and tax evasion.
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