Crims launder cash on horses

Victoria’s racing industry has been targeted by money laundering as criminals move away from casinos following a crackdown.

Industry insiders have revealed a wave of suspicious transactions.

There are questions about whether horses have been purchased at inflated odds at sales to clean dirty cash.

Three sources, on condition of anonymity, said Victoria needed to do more to protect against criminal infiltration.

Wagering turnover in racing increased during Melbourne’s lockdowns, with racing continuing despite the restrictions, but has since dropped.

The Australian Criminal Intelligence Commission has commissioned reports about Victorian racing money laundering.

One report identified concerns about the source of funds of a racing figure.

“The Australian Criminal Intelligence Commission (ACIC) do not comment publicly on whether we are (or are not) investigating a particular matter,” the ACIC said in a statement.

Another source said there was regular monitoring of money movements in racing.

The industry has become increasingly attractive to criminal groups after the Royal Commission into Crown casino following widespread money laundering there.

Crown Resorts spent $20m upgrading 2500 pokies at its Melbourne casino to carded play, with limits forced on gamblers.

The change also provides a record of spending, making it difficult to launder money.

Organised crime costs Australia’s economy $60bn each year, most of which needs to be moved through legitimate businesses.

Victorian Racing Minister Anthony Carbines said “money laundering has no place in the racing industry”.