AUGUST 4 2016
Tabcorp has spent almost $20 million in pre-tax income on legal fees for its case against the government’s financial intelligence agency, it revealed in its full-year results on Thursday. Tabcorp is accused of breaching Australian anti-money laundering laws by failing to report suspicious transactions. AUSTRAC has alleged that Tabcorp contravened its reporting obligations on 236 occasions, which had the potential to facilitate large-scale money laundering by crime syndicates or compromise the integrity of the financial system.
Tabcorp’s annual report confirms it spent $19.4 million in pre-tax money last financial year preparing for civil proceedings which will not be heard in the Federal Court in New South Wales until June next year. But it says this will be partially offset by income-tax benefits of $11.8 million, which will reduce the bill to $13.6 million.