Australia's Perth Mint agrees to comply with anti money-laundering laws
Reuters
Published Nov 22, 2023 07:20PM ET
Updated Nov 22, 2023 08:00PM ET
(Reuters) -Australia's Perth Mint said on Thursday it had entered into an agreement with the country's financial intelligence agency to fully adhere to anti-money laundering laws after an external audit found compliance issues.
The world's biggest producer of newly mined gold said it would conclude its anti-money laundering remediation program, which started in March 2021, by April 30, 2025, adding that no fine had been imposed as part of the undertaking.
The external audit was conducted between November 2022 and July 2023 at the direction of the Australian Transaction Reports and Analysis Centre (AUSTRAC), after it found non-compliance in an August 2022 assessment of Perth Mint.
"The audit findings reflected AUSTRAC's concerns in relation to Gold Corporation's AML/CTF (anti-money laundering and counter-terrorism financing) program, monitoring systems and controls, and reporting to AUSTRAC," the agency said.
The undertaking can be enforced by court orders, and if the remediation program is not adequately implemented, AUSTRAC can also pursue civil penalties.
In April, Western Australia state launched a review of its ownership of The Perth Mint, as the company battled allegations it sold diluted gold to China.
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Written By: Reuters
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