The bill amends relevant legislation to put a positive obligation on gambling companies to report to AUSTRAC if they have reason to suspect a person is paying for a gambling service with money they have obtained illegally.
This bill ensures gambling entities are more accountable by preventing them from profiting from illegal behavior and requires them to report suspicious transactions.
The bill should be supported because it enhances accountability among gambling businesses, ensuring they do not profit from illegal activities. By mandating the reporting of suspicious transactions, it upholds ethical business practices and reduces the risk of money laundering within the gambling sector. This contributes to the overall integrity of the financial system and serves the public interest by protecting individuals from financial harm [Judgment]. Furthermore, ensuring that compensation is available to those harmed by illegally obtained funds aligns with principles of justice and fairness [Judgment].
The bill should be opposed because it imposes additional regulatory burdens on gambling businesses, potentially increasing operational costs and complicating compliance processes without a direct financial benefit. These requirements might deter some businesses from entering the market or result in reduced services offered to consumers [Judgment]. Additionally, there is a concern that the bill may lead to over-reporting to AUSTRAC, bogging down the system with false positives and diverting resources from more significant threats [Judgment].
2024-11-18
Not Proceeding
WILKIE, Andrew, MP
Unspecified
Consumer Protection, Anti-Corruption, Criminal Law Reform, Discrimination / Human Rights