This edition of the
Update covers:
Recent legal and regulatory developments, including the release of APRA s policy and supervision priorities for 2021, the launch of APRA s Cyber Security Strategy 2020 – 2024, Australian regulatory support for the ISDA IBOR Fallbacks Protocol and Supplement, and Australia s renewed focus on sanctions;
Two recent Federal Court decisions which support ASIC s position on obligations to comply with ASIC notices and to substantiate any claims for legal professional privilege;
The continuing fallout of the Financial Services Royal Commission and the recent cases which demonstrate that ASIC and APRA appear to remain committed to taking enforcement action in relation to matters referred by the Commissioner;
WA casino inquiry into Crown
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The West Australian government has flagged a judicial inquiry into Crown after the stateâs chief casino regulator stood aside over his friendship and fishing trips with senior staff at the companyâs gambling resort in Perth.
Department of Local Government, Sport and Cultural Industries deputy director general Michael Connolly stepped aside on Friday but only after media questioned his links to Crown staff.
Premier Mark McGowan said he would wait for the Gaming and Wagering Commissionâs report before taking any action in regards to Crown Perth.Â
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WA premier Mark McGowan said he couldnât rule out ordering a judicial inquiry into Crown if his Labor government, now in caretaker mode, is returned as expected at the state election on March 13.
âRegular fishing tripsâ: WA chief casino officer stood aside over close contacts to Crown bosses
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Crown Resorts has launched its own external review after Western Australiaâs chief casino regulator stood aside over revelations of his social relationship with senior members of the companyâs legal and compliance team.
Michael âMickâ Connolly is the deputy director general of the Department of Local Government, Sport and Cultural Industries, and the chief casino officer under WAâs casino control legislation.
Allegations of money laundering through Crown Perth have been aired in an explosive NSW inquiry.
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In 2020, the nation s focus has undoubtedly been centred on the COVID-19 pandemic. The pandemic itself has brought a range of challenges and risks for companies as they navigate the changed business environment and the pressures that COVID-19 has caused, both economic and operational.
Despite the focus that the Commonwealth government has had on the pandemic, it took some positive steps in its reform agenda in the last quarter, including releasing draft legislation for the long-awaited Commonwealth Integrity Commission.
Legislation updates
Commonwealth Integrity Commission
CIC). The CIC s proposed powers include:
Red faces over suspicious transactions
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A leading figure in the Law Councilâs campaign to scuttle new anti-money-laundering rules was unaware that his firm acted for disgraced Chinese billionaire
Huang Xiangmo.
HWL Ebsworth, which shelved its ambitious IPO plans just last month, had a cameo role in last yearâs freezing orders application by the Tax Office against Huang.
Trust amendments that Chinese billionaire Huang Xiangmo replaced as beneficiary by family members were on an HLW Ebsworth letterhead, the ATO says. Â
Ryan Stuart
The ATO said that while it was finalising a $140 million tax assessment for Huang, he was removed as a beneficiary of trusts that hold hundreds of millions of dollars of property assets, and replaced by family members.