Crown Resorts is back in the casino business with the opening of the sumptuous casino at Sydney’s Barangaroo Point. It faced allegations of backing money laundering. Finally it started its journey again by only welcoming VIPs. However the scope of money laundering remains wide. Australia is already struggling with a plethora of money launderers landing in its casinos. 

Casinos have evolved into a favorite for people with black money to convert into white. They have come under the scanner for facilitating money laundering. Many illegal businesses and other sprees run around to bring them to a gloomy spot. Not just that they have also won the attention of lawmakers and agencies. Crown Sydney casino has grabbed its ground. Its sumptuous facets shimmer at their best to allure gamblers around the world. However a lot of skepticism has also started building around it.  

Crown Resorts made headlines with the opening of its A$2 billion casino. It makes waves on Barangaroo Point in Sydney. However it also has the clause of entering only VIPs. This follows after former Supreme Court judge Patrica Bergin found it unfit to run affairs. Not just that Victorian and Western Australian inquiries into Crown’s Melbourne and Perth casinos also brought out the beset.

The verdict set the ground for the resignation of the directors. Not just that the shareholder James Packer also sold off his stake. The US private equity player Blackstone Group has now taken over its control. However the clouds of money laundering still shadow the casino world of Australia. The big question is if it will be able to keep itself away from the money launderers.  

The probes have found these casinos running a racket of illicit activities. Billions of dollars move in to make it stand with a tarnished image. Well this is not only the case with Crown. Star Sydney casino has also gotten into the shackles of money laundering. The prospects of this evil bloom to vitiate the matter to a great extent.

Earlier illegal casinos attracted gamblers looking for risk. According to a 1974 study Sydney’s handful of illegal casinos pocketed A$15 million (equivalent to A$130 million now). This figure stands after stashing out about A$1.4 million (about A$12 million now) in bribes to police and politicians. To tackle the situation licenses and regulations also flew into place.

However these recent cases have blown the lid off the money laundering activities budding under the cover. The need to conceal black money is to make it evade tax nets. Honest citizens declare their income and pay taxes applicable to the amount. Citizens with no income but many assets are going to catch the attention of tax authorities.

According to the United Nations Office on Drugs and Crime around US$4.2 trillion (A$6 trillion) goes into money laundering globally each year. This makes up 2-5% of the global GDP. Not just that financial crime expert named Nathan Lynch (author of The Lucky Laundry ) also said “(Australia has) become one of the world’s most attractive destinations for money launderers.”

Not only gambling but money launderers have many other avenues. For instance they stuff their money into legitimate businesses. The list includes the car wash. Apart from that one can also find the mention of real estate. Tens of billions of dollars make their way into this business.

But that does not mean that Australia has gotten inured to this concerning situation. It has come up with regulations. Only time will tell if Crown Sydney will emerge safe.