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AUSTRAC releases junket tour operations money laundering and terrorism financing risk assessment
AUSTRAC has today launched its money laundering and terrorism financing (ML/TF) risk assessment of the junket tour operations (JTOs) sector.
AUSTRAC assesses that the JTO sector faces multiple criminal threats and the overall ML/TF risk is high.
The assessment concludes that the main criminal threat facing the JTOs sector is money laundering. The assessment also found that patronage by high risk customers from foreign jurisdictions is a key vulnerability associated with junkets.
In producing the assessment, AUSTRAC engaged with casinos, banks and State and Commonwealth regulatory and law enforcement agencies, to collect information and insights about criminal threats, vulnerabilities and consequences related to junket operations.