Star Entertainment Group chair Soo Kim has told shareholders that the fire is out and rebuilding has begun, though the casino operator still faces a possible penalty for historical anti-money laundering breaches. Kim said the group's biggest problem is its treatment of high-spending VIP gamblers, many of whom are choosing Crown resorts instead. AUSTRAC has requested a $400 million penalty, an amount Star says would push it into administration. The Federal Court is due to announce the penalty on Wednesday.
A rookie Drug Enforcement Administration officer, Lili Infante, lost focus during her first major surveillance operation in Miami after discovering messages from a young woman to her husband, fellow agent Luis Infante. The story traces her path from a turbulent childhood in Moscow to Columbia University and a summer job that led her to the DEA. At the agency's Miami office, she worked undercover as a money mule named Olga and sought to prove herself in a male-dominated culture. The piece follows her early career as she pursued cases against cartel money launderers.
Three people who defrauded a Canberra electrical wholesaler have avoided jail time. Ricky Byrne and Steven Quilter, former managers at POPES Electrical and Data Supplies in Phillip, used false invoices, refunds and stolen stock to defraud the business of hundreds of thousands of dollars between 2016 and 2019. Lisa Quilter helped sell the stolen stock. The wholesaler lost more than half a million dollars and closed two stores, laying off 12 staff. All three pleaded guilty and will serve intensive corrections orders in the community. Byrne and Steven Quilter must also pay a combined $250,000 in reparations.
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The Australian Securities Exchange (ASX) declined following a downturn on Wall Street, with major banking shares experiencing a drop. Commonwealth Bank of Australia (CBA) discussed its artificial intelligence (AI) implementation during its annual shareholder meeting. Business journalists provided real-time updates and analysis throughout the day. The live markets blog, hosted by the Australian Broadcasting Corporation (ABC) News, offered insights into the day's financial events. The disclaimer noted that the content was not intended as financial guidance.
Law enforcement sources allege a money laundering network linked to major tobacco cartels has moved tens of millions of dollars overseas. Sources say the network used private ATMs, payment platforms and hawala money transfer dealers. Authorities allege the cartels were led by Kazem Hamad, who is serving a life sentence in Iraq. A man described as a bagman was charged after millions of dollars were found in his hire car. He pleaded guilty to dealing with the proceeds of crime.
