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Perth Mint faces more scrutiny after gold doping saga
By Keane Bourke
Australian Broadcasting Corp., Sydney
Thursday, June 22, 2023
The embattled Perth Mint is facing another investigation after a period of scrutiny, this time by a federal parliamentary inquiry.
Australia's financial crimes authority, AUSTRAC, has been investigating the mint since late last year over its level of compliance with anti-money laundering and counter-terrorism financing laws.
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An investigation by the ABC's Four Corners earlier this year found concerns with the mint's regulatory compliance defences after a notorious former bikie was able to buy $27,000 worth of gold with little more than his driver's licence.
It also revealed that between 2018 and 2021, the mint sold gold to China that met broader industry purity standards for 99.99 per cent pure gold, but not stricter standards at the Shanghai Gold Exchange for silver content.
The mint accepted the so-called "doping" was "damaging and unacceptable," with the premier pointing to remediation work already underway.
Following the revelations, the London Bullion Market Association (LBMA) launched its own probe which concluded the mint was allowed to remain on a list of approved refiners.
The ABC also revealed the 123-year-old organisation had potentially breached commodities laws in nearly two dozen US states for more than a quarter of a century and concerns raised by a company which runs a soon-to-be shutdown cryptocurrency associated with the mint.
The Senate agreed today to a motion put forward by WA Liberal Senator Dean Smith to establish a wide-ranging committee to report into the mint and its compliance with a range of Commonwealth laws and regulations. ...
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