GLOBAL ECONOMY

Australian court fines gambling company Tabcorp $35 million

An Australian court has fined gambling company Tabcorp a record 45 million Australian dollars ($35 million) for failing to comply with anti-money laundering and counter-terrorism financing obligations.

The Federal Court on Thursday approved a settlement reached between the Sydney-based company and regulator AUSTRAC after finding Tabcorp breached Australia's Anti-Money Laundering and Counter-Terrorism Financing Act 108 times over five years.

AUSTRAC chief executive Paulo Jevtovic told reporters: "the noncompliance arises from a corporate culture that is indifferent to money laundering and terrorism financing requirements."

Tabcorp chief executive David Attenborough said in a statement to the Australian Securities Exchange that the company was committed to working cooperatively with AUSTRAC in the future.

The court action contributed to at 28 percent fall in half-year profit to AU$59 million announced last month.