Australia's financial crimes authority AUSTRAC's investigation into the Perth Mint on suspicion it breached anti-money laundering and counter terrorism financial laws spells danger for the WA government.

Thomson Reuters Asia Pacific financial crime expert Nathan Lynch (above), author of recently released book The Lucky Laundry, told Simon Beaumont on 6PR Mornings that the state government was unaware of its compliance responsibilities and should be held responsible for its oversight.

"Perth Mint is holding $6 billion of gold, insured by WA taxpayers on its books," Lynch said.

"But also they have some complex products, like a digital app where you can trade peer-to-peer gold certificates, backed by the WA government.

"You can imagine how attractive this is to a criminal group that wants to move funds across borders."

Australia's financial crimes authority AUSTRAC's investigation into the Perth Mint on suspicion it breached anti-money laundering and counter terrorism financial laws spells danger for the WA government.
Thomson Reuters Asia Pacific financial crime expert Nathan Lynch (above), author of recently released book The Lucky Laundry, told Simon Beaumont on 6PR Mornings that the state government was unaware of its compliance responsibilities and should be held responsible for its oversight.
"Perth Mint is holding $6 billion of gold, insured by WA taxpayers on its books," Lynch said.
"But also they have some complex products, like a digital app where you can trade peer-to-peer gold certificates, backed by the WA government.
"You can imagine how attractive this is to a criminal group that wants to move funds across borders."

Perth Today will keep you up to date with all the latest breaking stories and issues in Perth.

Perth Today will keep you up to date with all the latest breaking stories and issues in Perth.

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