The WA Parliament was last month told not a single report had been filed in the 2020-21 financial year, or any year before. The mint also failed to historically declare international movements of money, as required by AUSTRAC. "But unfortunately … changing your behaviour going forward doesn't absolve you of mistakes in the past," Mr Lynch said. Once it realised, it told the regulator and has been registered since March 2021. Explain this money laundering compliance thing?Ĭommonwealth laws place strict regulations on certain organisations which are at a high risk of unwittingly facilitating money laundering or terrorism funding.īut the WA government told parliament last year the Perth Mint did not realise some of those laws applied to its activities until 2021. "To find out that we had really serious breakdowns … for that to come out through a documentary, a journalistic report is very concerning," he said.
One of the major concerns is that the mint could face fines of more than a billion dollars from financial crime watchdog AUSTRAC, which is investigating whether it had adequate anti-money laundering and counter-terrorism funding safeguards in place.įinancial regulation expert Nathan Lynch said on top of that, "the public will be quite concerned" that the extent of those issues "wasn't voluntarily made a matter of public knowledge" by the government.
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