Interesting stats you quote:"I counted 544 alleged breaches to...

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usc75

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04/03/22

09:11

Post #: 59972796
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Originally posted by jnkmbx: ↑

I counted 544 alleged breaches to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 section 36.According to the Concise Statement filed by AUSTRAC, the maximum civil penalty for each contravention is $22.2 million.

It would be bearish to assume that the maximum civil penalty will be applied ubiquitously or that even all contraventions will be found to be fact (i.e. not allegations).Likewise, it would be bullish to think that penalties will be applied minimally and that only few contraventions will be found to be fact.

I suppose Blackstone is thinking that the end result will amount to a slap on the wrist, or at least will be a figure that represents a small price to pay for the long-term holder.

Links:
Section 36 of the Act:
http://classic.austlii.edu.au/au/legis/cth/consol_act/alacfa2006522/s36.html
Concise Statement:
https://www.austrac.gov.au/sites/default/files/2022-03/20220301_Concise-Statement_stamped.pdf

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Interesting stats you quote:

"I counted 544 alleged breaches to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 section 36.According to the Concise Statement filed by AUSTRAC, the maximum civil penalty for each contravention is $22.2 million..."

If so, amounts to 544 x $22.2m = $1.2 trillion!!!!!!!!

Note latest from ASIC: 4/03/2022: The Australian
https://www.theaustralian.com.au/

ASIC is toothless, impotent...

appears the corporate money laundering criminals reign supreme!!

CWN Price at posting: $12.45 Sentiment: Sell Disclosure: Not Held
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0 Great analysis

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