The Perth Mint told Four Corners the matter was complex, it was obtaining specialist legal advice and would take appropriate action once that was finalised. "In the past, there have been huge breaches of the civil provisions, but, when it comes to failing to register as a remitter, which is a potential criminal offence, that is completely unprecedented." Mr Lynch says it is highly unusual for Australian organisations, let alone government-owned corporations, to get caught up in the criminal aspects of the anti-money laundering regime. These are not just civil penalties, this failure can also bring criminal charges. Each failure can be punished with a fine of up to $21 million. The most serious failing by the Perth Mint when it comes to its anti-money laundering obligations is not declaring international movements of money.Īny institution which receives funds from offshore must register these transfers with AUSTRAC.įour Corners has been told the mint failed to register more than 5,000 of these transactions in just nine months. Mint at risk of possible criminal charges The AUSTRAC investigation is due to deliver its audit report into the Perth Mint by May. It declined to say if individual customer accounts were also shut down. The Perth Mint says its "customer relationship with Euro Pacific Bank was ceased in November 2020". It says it did not facilitate tax evasion or money laundering. The bank says it always fully complied with all laws, including by vetting account holders and individual transactions and was subject to annual third-party compliance audits. No charges have ever been laid against Euro Pacific or any of its personnel. "There were hundreds, if not thousands of clients who were deliberately not just avoiding taxes through legal loopholes, but actually engaging in illegal tax evasion," Ms Ruehsen alleges. In July last year, Euro Pacific was shut down by authorities in Puerto Rico for not holding enough capital. Its clients are under investigation in at least five countries, including Australia. "The worst case is that you've potentially got terrorist organisations, drug cartels, despots from around the world, kleptocrats … potentially holding gold in the Perth Mint," he says.Įuro Pacific says to its knowledge, none of its customers who made Perth Mint purchases had criminal records or any association with organised crime. John Chevis, a former federal police officer who advises the United Nations on money laundering, says the mint has left itself exposed to hefty fines or sanctions if it has failed to conduct adequate checks on Euro Pacific clients. The bank denies this was the case.Īuthorities suspect Perth Mint was likely inadvertently being used by fraudsters and money launderers to move their funds. It was held through an omnibus account, where individual clients' funds are bundled together and transferred in bulk to keep customers' identities secret from the mint. At one point, Perth Mint allowed $25 million of Euro Pacific clients' funds to be held in a single account.
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