1 00:00:06,559 --> 00:00:07,000 Speaker 1: Kyota. 2 00:00:07,040 --> 00:00:10,079 Speaker 2: I'm Chelsea Daniels and this is the Front Page, a 3 00:00:10,200 --> 00:00:16,560 Speaker 2: daily podcast presented by the New Zealand Herald. A bill 4 00:00:16,600 --> 00:00:20,040 Speaker 2: which would give New Zealanders just one avenue to bet 5 00:00:20,120 --> 00:00:23,520 Speaker 2: on racing and sports online is under the microscope. The 6 00:00:23,560 --> 00:00:27,400 Speaker 2: amendments to the Racing Industry Act would make TAB New 7 00:00:27,480 --> 00:00:31,760 Speaker 2: Zealand the sole legal domestic operator of online racing and 8 00:00:31,800 --> 00:00:35,199 Speaker 2: sports betting. The TAB estimates kiwis lose one hundred and 9 00:00:35,240 --> 00:00:38,839 Speaker 2: eighty five million dollars a year to offshore operators, with 10 00:00:39,000 --> 00:00:42,479 Speaker 2: the changes expected to retain this money. It's all well. 11 00:00:42,560 --> 00:00:46,720 Speaker 2: The tab's operator, Enchain, faces allegations of not doing enough 12 00:00:46,760 --> 00:00:50,479 Speaker 2: to combat money laundering and corruption in Australia, and there 13 00:00:50,479 --> 00:00:53,120 Speaker 2: are concerns from those in the industry that the monopoly 14 00:00:53,240 --> 00:00:56,760 Speaker 2: would push kiwis onto the black market. Today on the 15 00:00:56,760 --> 00:01:00,440 Speaker 2: front Page Business Desks, Gregor Thompson has been following the 16 00:01:00,440 --> 00:01:01,440 Speaker 2: progression of this. 17 00:01:01,400 --> 00:01:03,000 Speaker 1: Bill and is with us now. 18 00:01:09,959 --> 00:01:12,840 Speaker 2: First things first, Gregor, can you tell me what the 19 00:01:12,920 --> 00:01:13,920 Speaker 2: bill actually is. 20 00:01:14,400 --> 00:01:16,960 Speaker 3: I mean, there's a couple of things, but mainly it's 21 00:01:17,120 --> 00:01:21,399 Speaker 3: an effort to extend the tab's physical monopoly in New 22 00:01:21,520 --> 00:01:25,920 Speaker 3: Zealand to online by making it illegal for online sports 23 00:01:25,959 --> 00:01:30,320 Speaker 3: betting operators to offer wages to New Zealand consumers. 24 00:01:30,440 --> 00:01:33,280 Speaker 1: How does online betting work at the moment in New Zealand. 25 00:01:33,360 --> 00:01:35,880 Speaker 3: So it's pretty easy really. You know, if you are interested, 26 00:01:36,240 --> 00:01:39,839 Speaker 3: you tap in betting or sports betting onto in Google 27 00:01:39,880 --> 00:01:41,560 Speaker 3: and then you'll be presented with a whole bunch of 28 00:01:41,560 --> 00:01:43,680 Speaker 3: different websites. So we're competing for that top spot on 29 00:01:43,800 --> 00:01:46,840 Speaker 3: the Google page. So Betway is one that's registered in Malta. 30 00:01:46,880 --> 00:01:49,240 Speaker 3: There's bet three six five which is registered in Gibraltar 31 00:01:49,480 --> 00:01:53,440 Speaker 3: is obviously the tab and betcher which is their new 32 00:01:53,600 --> 00:01:55,880 Speaker 3: betting portal, and then there's sports bet which is an 33 00:01:55,920 --> 00:01:58,160 Speaker 3: Australian outfit, and there's other ones like bet vector and 34 00:01:58,320 --> 00:02:00,520 Speaker 3: uni bet. And then once you decide one you want 35 00:02:00,560 --> 00:02:02,960 Speaker 3: to use, verify your age, so you could do that 36 00:02:02,960 --> 00:02:06,240 Speaker 3: with a driver's licenses or a passport. Sometimes you'll be 37 00:02:06,280 --> 00:02:08,840 Speaker 3: required to prove where you live with a bad statement, 38 00:02:08,960 --> 00:02:11,000 Speaker 3: and then some of them will even want to want 39 00:02:11,040 --> 00:02:13,360 Speaker 3: to know that the credit card you're operating with us, 40 00:02:13,360 --> 00:02:14,840 Speaker 3: you're se might have to send a picture of that. 41 00:02:14,880 --> 00:02:17,160 Speaker 3: But then once you're on you can shop around like 42 00:02:17,200 --> 00:02:19,079 Speaker 3: you would for any other good service and try to 43 00:02:19,080 --> 00:02:20,919 Speaker 3: find the best odds and then place your bet. 44 00:02:21,080 --> 00:02:21,240 Speaker 4: Right. 45 00:02:21,320 --> 00:02:25,280 Speaker 2: So the Racing Amendment Bill that'd give TAB and Z 46 00:02:25,760 --> 00:02:29,800 Speaker 2: a monopoly on online sports and racing betting in New Zealand. 47 00:02:30,080 --> 00:02:32,880 Speaker 2: So essentially it wouldn't matter if you typed in betting 48 00:02:32,919 --> 00:02:35,600 Speaker 2: in Google, you'd only have one place to do it, right. 49 00:02:36,320 --> 00:02:38,720 Speaker 3: Yeah, So what it would do it would block those 50 00:02:39,120 --> 00:02:43,079 Speaker 3: offshore companies from selling wages to news and consumers. Now 51 00:02:43,160 --> 00:02:45,960 Speaker 3: this was more or less the case prior to the 52 00:02:45,960 --> 00:02:48,800 Speaker 3: inception of the Internet, so New Zealand sports gambling market 53 00:02:48,880 --> 00:02:52,400 Speaker 3: is relatively unusual on the global context because in Zen 54 00:02:52,520 --> 00:02:55,280 Speaker 3: is a government sets to ey body that holds and 55 00:02:55,360 --> 00:02:57,440 Speaker 3: has held for more than a century, monopoly on physical 56 00:02:57,480 --> 00:03:00,800 Speaker 3: sports betting in New Zealand. Historically, TNB, TAV and Z 57 00:03:01,000 --> 00:03:04,320 Speaker 3: operated the TRB with its stores and app and track side, 58 00:03:04,400 --> 00:03:07,520 Speaker 3: So before the inception of the internet's TRB had a 59 00:03:07,520 --> 00:03:10,600 Speaker 3: monopoly just by virtue of being of being difficult to 60 00:03:10,880 --> 00:03:13,720 Speaker 3: place bets with overseas operators, although I have heard of 61 00:03:13,760 --> 00:03:16,040 Speaker 3: people ringing up Australian bookies back in the past to 62 00:03:16,080 --> 00:03:18,840 Speaker 3: place bets. But yeah, So the central purpose of the 63 00:03:18,919 --> 00:03:21,560 Speaker 3: Racing Industry Amendment Bill is to extend the physical monopoly 64 00:03:21,600 --> 00:03:24,280 Speaker 3: to the eternet by making it illegal to sell wages 65 00:03:24,320 --> 00:03:26,880 Speaker 3: online to New Zealanders, thus returning to the way things 66 00:03:26,919 --> 00:03:28,120 Speaker 3: were back before the Internet. 67 00:03:28,320 --> 00:03:28,680 Speaker 5: Kind of. 68 00:03:32,400 --> 00:03:34,120 Speaker 4: The way that the legistive sinners have been here in 69 00:03:34,160 --> 00:03:36,760 Speaker 4: these Zealar for ages is that they're allowed to operate 70 00:03:36,800 --> 00:03:39,640 Speaker 4: here with almost impunity. So, you know, when we operate, 71 00:03:39,720 --> 00:03:41,720 Speaker 4: we have a whole series of rules we have to follow. 72 00:03:41,800 --> 00:03:43,880 Speaker 4: We have to put safer gambling standards, and we have 73 00:03:43,960 --> 00:03:47,200 Speaker 4: to have relationships with the government and with community leaders 74 00:03:47,200 --> 00:03:49,400 Speaker 4: and whatnot. These operators don't abide by any of that, 75 00:03:49,440 --> 00:03:52,440 Speaker 4: you know, So they can put ads into market with 76 00:03:52,560 --> 00:03:55,840 Speaker 4: absolute impunity, and I would say that in many cases 77 00:03:55,880 --> 00:03:58,240 Speaker 4: they push things way, way, way too far. The ads 78 00:03:58,240 --> 00:03:59,839 Speaker 4: that bring the McCullum was in for a while there, 79 00:04:00,120 --> 00:04:03,560 Speaker 4: portraying him as a lavish kind of successful person through 80 00:04:03,560 --> 00:04:05,400 Speaker 4: his bidding. That's just not something we could ever do 81 00:04:05,400 --> 00:04:07,040 Speaker 4: down here or whatever want to do down here. But 82 00:04:07,080 --> 00:04:08,360 Speaker 4: the fact that they were able to do that and 83 00:04:08,360 --> 00:04:10,280 Speaker 4: push it so hard in New Zealand is a real 84 00:04:10,360 --> 00:04:13,080 Speaker 4: fault in the legiosative settings, as we say it. 85 00:04:18,680 --> 00:04:20,200 Speaker 1: What are some of the concerns here? 86 00:04:20,640 --> 00:04:22,839 Speaker 3: So the new Zealand's approach. I guess there's rooted in 87 00:04:22,880 --> 00:04:26,279 Speaker 3: the belief that a government run entity can ensure better regulation, 88 00:04:26,480 --> 00:04:30,240 Speaker 3: provide responsible gambling initiatives, and generate revenue for public use, 89 00:04:30,400 --> 00:04:32,800 Speaker 3: such as funny for sports organizations. For instance, when the 90 00:04:32,800 --> 00:04:36,560 Speaker 3: privatized system, money would not be recycled through national sporting 91 00:04:36,600 --> 00:04:39,640 Speaker 3: organizations and would instead go to places like Gibraltar and Malta. 92 00:04:39,960 --> 00:04:42,840 Speaker 3: And also, exponents of the system argue that tab Z 93 00:04:43,040 --> 00:04:45,760 Speaker 3: oversight increases the capacity to monitor and reduce gambling arm 94 00:04:45,920 --> 00:04:49,000 Speaker 3: and New z own communities. However, some argue that such 95 00:04:49,120 --> 00:04:51,920 Speaker 3: monopoly limits choice for consumers and can lead to inefficiencies 96 00:04:51,920 --> 00:04:54,200 Speaker 3: in the market. So a lot of my reporting has 97 00:04:54,240 --> 00:04:57,159 Speaker 3: been kind of based on this issue. So some of 98 00:04:57,160 --> 00:05:00,960 Speaker 3: the submissions on the bill argue that extending the monopoly 99 00:05:01,000 --> 00:05:03,280 Speaker 3: online would lead to less favorable odds because of a 100 00:05:03,360 --> 00:05:06,919 Speaker 3: lack of competition. So, you know, the Commerce Commission is 101 00:05:07,400 --> 00:05:11,000 Speaker 3: currently trying to increase a competition in the banking sector 102 00:05:11,000 --> 00:05:13,400 Speaker 3: in the grocery sector, and they see this as them 103 00:05:13,440 --> 00:05:16,120 Speaker 3: doing the opposite and that would lead to less favorable 104 00:05:16,240 --> 00:05:19,039 Speaker 3: kind of odds or wages for New Zealand punters. So, 105 00:05:19,160 --> 00:05:21,240 Speaker 3: for instance, there's a golf tournament that's supposed to start 106 00:05:21,279 --> 00:05:24,560 Speaker 3: today called the Genesis Invitational. On the TB, American golfer 107 00:05:24,640 --> 00:05:27,479 Speaker 3: col Mari Kawa is paying thirteen dollars to win, but 108 00:05:27,520 --> 00:05:30,000 Speaker 3: on bet three sixty five he's paying fifteen dollars to win. So, 109 00:05:30,000 --> 00:05:32,880 Speaker 3: in other words, the TV odds are fifteen percent more expensive. 110 00:05:32,960 --> 00:05:35,960 Speaker 3: Now this varies across different platforms, but you know, sometimes 111 00:05:35,960 --> 00:05:39,000 Speaker 3: the tab's odds are more favorable, particularly in things like rugby, 112 00:05:39,080 --> 00:05:41,600 Speaker 3: where New Zealand bets. New Zealand is bet quite a lot. 113 00:05:41,839 --> 00:05:45,320 Speaker 3: But what people who are against this proposal argue is 114 00:05:45,360 --> 00:05:48,120 Speaker 3: that the lack of choice, you know, INTAIN and the 115 00:05:48,160 --> 00:05:51,640 Speaker 3: TIB would be able to basically just set pricing and choose, 116 00:05:51,839 --> 00:05:54,440 Speaker 3: choose what they offer to consumers. I have, as en 117 00:05:54,480 --> 00:05:57,320 Speaker 3: tain and Minister for Raising Winston Peters if these arguments 118 00:05:57,360 --> 00:05:59,640 Speaker 3: have any grounds, and they and you know, if a 119 00:05:59,640 --> 00:06:02,839 Speaker 3: monopol would lead to less competitive pricing on all less products. 120 00:06:02,839 --> 00:06:05,680 Speaker 3: But they didn't respond to those particular questions. But also 121 00:06:05,839 --> 00:06:08,440 Speaker 3: the betting people that call themselves sharp betters, the people 122 00:06:08,440 --> 00:06:12,200 Speaker 3: that often win or do quite well out of other 123 00:06:12,279 --> 00:06:15,200 Speaker 3: betting acknowledge that there is much public sympathy for. 124 00:06:15,800 --> 00:06:18,920 Speaker 1: Their elk gregor what else have you seen from the submissions? 125 00:06:19,240 --> 00:06:22,560 Speaker 3: One interesting part of the submissions is that Winston Peters 126 00:06:22,600 --> 00:06:26,839 Speaker 3: and the tairbn Z contend that this bill will reduce 127 00:06:26,880 --> 00:06:29,400 Speaker 3: gambling home because it will bring all of sports betting 128 00:06:29,400 --> 00:06:32,800 Speaker 3: in New Zealand under regulatory control of tibn Z. But however, 129 00:06:32,960 --> 00:06:35,520 Speaker 3: in the submissions against the bill, there are some people 130 00:06:35,560 --> 00:06:38,680 Speaker 3: who argue that actually it could potentially increase gambling harm 131 00:06:38,839 --> 00:06:42,760 Speaker 3: because if the odds are worse than they are now, 132 00:06:43,240 --> 00:06:46,599 Speaker 3: troubled gamblers who aren't necessarily paying that much attention to 133 00:06:46,600 --> 00:06:48,680 Speaker 3: the odds and are just trying to scratch an itch 134 00:06:48,839 --> 00:06:51,840 Speaker 3: would theoretically lose their money faster than they would if 135 00:06:51,880 --> 00:06:55,840 Speaker 3: the odds were better. Which again I asked Winston Peters's 136 00:06:55,839 --> 00:07:00,000 Speaker 3: office and intain about that. They assured me that under 137 00:07:00,160 --> 00:07:04,239 Speaker 3: the regime it would be more safer and Humbrevention would 138 00:07:04,240 --> 00:07:05,719 Speaker 3: be better than New Zealand. 139 00:07:19,360 --> 00:07:23,480 Speaker 2: So a twenty five year strategic partnership between TAB New 140 00:07:23,600 --> 00:07:28,440 Speaker 2: Zealand and NTANE Australia launched in June twenty twenty three. 141 00:07:28,920 --> 00:07:30,320 Speaker 1: What are the details of that deal? 142 00:07:30,520 --> 00:07:34,000 Speaker 3: Yeah, so that's right. It was roberstent by the previous 143 00:07:34,120 --> 00:07:37,840 Speaker 3: Racing Minister, Kurer macinnulty. A commencement in Tain made an 144 00:07:37,880 --> 00:07:40,400 Speaker 3: upfront payment of one hundred and fifty million dollars to 145 00:07:40,800 --> 00:07:44,400 Speaker 3: TDNZ and committed to a guaranteed minimum return of one 146 00:07:44,440 --> 00:07:47,000 Speaker 3: hundred and fifty million dollars until twenty twenty eight and 147 00:07:47,000 --> 00:07:50,360 Speaker 3: then beyond that. So beyond twenty twenty eightbnz WI was 148 00:07:50,360 --> 00:07:53,000 Speaker 3: see fifty percent of the revenue generated through the partnership 149 00:07:53,080 --> 00:07:55,960 Speaker 3: and no guaranteed minimum funding will apply, so after that 150 00:07:55,960 --> 00:07:58,920 Speaker 3: there's a shared revenue model, and then under the terms 151 00:07:58,920 --> 00:08:01,040 Speaker 3: of the deal, INTAIN also read to pay other one 152 00:08:01,120 --> 00:08:03,920 Speaker 3: hundred million dollars of Peter's bill has passed. INTAIN and 153 00:08:03,920 --> 00:08:06,560 Speaker 3: the TB have also suggested in this submission on the 154 00:08:06,640 --> 00:08:09,800 Speaker 3: Racing Industry Amendment that the definition of online sports betting 155 00:08:09,920 --> 00:08:13,080 Speaker 3: they extended to include virtual sports, and if this takes place, 156 00:08:13,600 --> 00:08:16,760 Speaker 3: TBNZ is also expected to get another fifteen million dollars 157 00:08:16,760 --> 00:08:17,239 Speaker 3: from NTAIN. 158 00:08:17,520 --> 00:08:21,840 Speaker 2: Is there a sense that Inntain's chucking money at something 159 00:08:21,960 --> 00:08:23,560 Speaker 2: that they want to happen? 160 00:08:23,600 --> 00:08:24,160 Speaker 1: I suppose. 161 00:08:24,360 --> 00:08:27,480 Speaker 3: I mean, I can't speculate under the intensions of INTEN, 162 00:08:27,520 --> 00:08:30,840 Speaker 3: but I can say that they seem to think that 163 00:08:30,920 --> 00:08:33,520 Speaker 3: there is a lot of value in you know, this 164 00:08:33,679 --> 00:08:37,240 Speaker 3: legislation going through, given that they have committed to paying 165 00:08:37,240 --> 00:08:40,400 Speaker 3: one hundred million dollars towards it being passed. So I suspect, 166 00:08:40,640 --> 00:08:43,280 Speaker 3: you know, the company's rational and they think they'll get 167 00:08:43,280 --> 00:08:44,320 Speaker 3: a return on that investment. 168 00:08:44,360 --> 00:08:45,920 Speaker 1: Well, yeah, I mean, of course they will. 169 00:08:45,920 --> 00:08:49,120 Speaker 2: They'll have the monopoly over online sports betting and racing 170 00:08:49,160 --> 00:08:51,880 Speaker 2: betting in New Zealand. I mean, it does seem quite 171 00:08:52,120 --> 00:08:54,319 Speaker 2: strange to have one company. And like you said, you 172 00:08:54,760 --> 00:08:58,320 Speaker 2: brought up the growthery and banking sectors. Why do you 173 00:08:58,480 --> 00:09:03,160 Speaker 2: think racing and sports betting has not gained I guess 174 00:09:03,280 --> 00:09:06,560 Speaker 2: the same kind of momentum as those other sectors. 175 00:09:06,960 --> 00:09:11,720 Speaker 3: I think there's probably less public sympathy for consumers of 176 00:09:11,760 --> 00:09:15,800 Speaker 3: betting products than there are for consumers of grocery items 177 00:09:15,880 --> 00:09:19,079 Speaker 3: or loans in a way. And also, I mean the 178 00:09:19,480 --> 00:09:24,240 Speaker 3: Minister and the TV and intain argue that having a 179 00:09:24,240 --> 00:09:28,120 Speaker 3: whole bunch of multinationals who are less restricted by a 180 00:09:28,160 --> 00:09:32,840 Speaker 3: New Zealand regulation provide betting wages to New Zealanders could 181 00:09:32,840 --> 00:09:36,679 Speaker 3: increase gambling harm and then so bringing all of the 182 00:09:36,800 --> 00:09:41,640 Speaker 3: betting onshore and thus under tv in Z's regulatory control 183 00:09:41,840 --> 00:09:46,120 Speaker 3: would reduce that risk of gambling harm and the benefit 184 00:09:46,160 --> 00:09:49,680 Speaker 3: of that is worth the less impetative consumer environment. 185 00:09:53,559 --> 00:09:55,240 Speaker 5: I think we shouldn't just based off a lot of 186 00:09:55,280 --> 00:09:59,080 Speaker 5: the submissions we've had, which is around the monopoly component 187 00:09:59,280 --> 00:10:05,360 Speaker 5: and so from consumers. We've also heard from some alternative 188 00:10:06,200 --> 00:10:10,240 Speaker 5: providers that operate in Australia and the like around that 189 00:10:10,280 --> 00:10:15,480 Speaker 5: monopoly component and whether that's actually beneficial to consumers who 190 00:10:15,559 --> 00:10:18,080 Speaker 5: use the product. So just interested in the process that's 191 00:10:18,320 --> 00:10:20,240 Speaker 5: happened behind the scenes around that. 192 00:10:20,679 --> 00:10:22,959 Speaker 2: Well, there's an old marriage thing. We paid the price, 193 00:10:23,000 --> 00:10:23,959 Speaker 2: we plucked the duck. 194 00:10:35,920 --> 00:10:36,880 Speaker 1: Clear responses. 195 00:10:38,559 --> 00:10:42,720 Speaker 2: I've heard some submissions from competing companies though, but I 196 00:10:42,720 --> 00:10:45,640 Speaker 2: think they make a point in that if this happens, 197 00:10:45,679 --> 00:10:50,360 Speaker 2: it'll push kiwis onto black market platforms. I mean, that 198 00:10:50,480 --> 00:10:53,720 Speaker 2: can't be too difficult to understand that that might happen, right, 199 00:10:53,760 --> 00:10:56,959 Speaker 2: I mean, some drugs are illegal in New Zealand, but 200 00:10:57,040 --> 00:10:58,840 Speaker 2: they still make their way to our shores. 201 00:10:59,120 --> 00:11:01,120 Speaker 1: Is that a main con concern for people that you've 202 00:11:01,160 --> 00:11:01,760 Speaker 1: spoken to. 203 00:11:02,040 --> 00:11:04,080 Speaker 3: Not necessarily the people that I've spoken to. I mean, 204 00:11:04,080 --> 00:11:08,559 Speaker 3: that is clearly at risk, and the Minister and you 205 00:11:08,640 --> 00:11:11,199 Speaker 3: know that has acknowledged that that will likely happen, that 206 00:11:11,400 --> 00:11:14,880 Speaker 3: very committed sports betters will find a way around the 207 00:11:14,960 --> 00:11:19,200 Speaker 3: law using things like cryptocurrencies, et cetera. For the main 208 00:11:19,360 --> 00:11:22,720 Speaker 3: credible one so betwey bet three six five sports bet 209 00:11:22,960 --> 00:11:25,000 Speaker 3: Unlikely that will still be that it will be possible 210 00:11:25,040 --> 00:11:27,120 Speaker 3: to bet with them using a VPN, because you still 211 00:11:27,120 --> 00:11:29,880 Speaker 3: need to verify your age and your address and give 212 00:11:30,040 --> 00:11:31,880 Speaker 3: if you give them a New Zealand address that they 213 00:11:31,880 --> 00:11:34,920 Speaker 3: will be legally obliged not to let you bet with them. 214 00:11:35,000 --> 00:11:38,280 Speaker 3: But on the black market, I guess that is open 215 00:11:38,280 --> 00:11:40,920 Speaker 3: to speculation. One thing I have heard from people I 216 00:11:40,920 --> 00:11:44,240 Speaker 3: have spoken to is that they're more concerned that people 217 00:11:44,240 --> 00:11:47,680 Speaker 3: will just turn away from betting regardless. So they concerned 218 00:11:47,679 --> 00:11:51,480 Speaker 3: that basically the odds will be so unfavorable that there 219 00:11:51,760 --> 00:11:54,840 Speaker 3: won't be any real incentive to do it anymore, and 220 00:11:54,880 --> 00:11:57,520 Speaker 3: they will just use their time doing something else, will 221 00:11:57,520 --> 00:11:59,680 Speaker 3: find another hobby, Which I mean, if you don't like 222 00:12:00,080 --> 00:12:02,920 Speaker 3: sports betting, then that's probably a good thing. But if 223 00:12:02,960 --> 00:12:08,000 Speaker 3: you're the tab and you want the racing industry to 224 00:12:08,000 --> 00:12:11,000 Speaker 3: be sustainably financed going into the future, then that could 225 00:12:11,000 --> 00:12:11,240 Speaker 3: be a. 226 00:12:11,160 --> 00:12:11,720 Speaker 5: Concern to you. 227 00:12:11,840 --> 00:12:15,319 Speaker 2: What about in tain The company hasn't been without controversy 228 00:12:15,320 --> 00:12:19,559 Speaker 2: over the Dutch hey, with Australia's Financial crimes regulator suing 229 00:12:19,600 --> 00:12:23,480 Speaker 2: after allegations the company hasn't done enough to prevent money 230 00:12:23,520 --> 00:12:26,200 Speaker 2: laundering on their products. It's the first time the regulator 231 00:12:26,240 --> 00:12:30,719 Speaker 2: has actually brought civil proceedings against a business operating online. 232 00:12:30,800 --> 00:12:31,920 Speaker 1: What's happening here? 233 00:12:32,360 --> 00:12:34,960 Speaker 3: Yeah, So in December last year, the company disclosed on 234 00:12:35,040 --> 00:12:38,800 Speaker 3: the London Stock Exchange where it is listed that the 235 00:12:38,840 --> 00:12:42,160 Speaker 3: Australian Transaction Reports in the Nalysis Center or ASTRA, who 236 00:12:42,160 --> 00:12:45,360 Speaker 3: commenced the penalty proceedings that you just cited in the 237 00:12:45,360 --> 00:12:47,920 Speaker 3: Federal Court of Australia. Like you said, the proceedings relate 238 00:12:47,960 --> 00:12:51,200 Speaker 3: to alleged contraventions of Australian Anti Money Laundering and CANi 239 00:12:51,280 --> 00:12:54,360 Speaker 3: Terrasm Financing Act. You know. I talked to z about 240 00:12:54,360 --> 00:12:57,200 Speaker 3: this and the company spokesperson told me the company is 241 00:12:57,240 --> 00:13:00,559 Speaker 3: carefully considering the application by OSTRAK. He said that these 242 00:13:00,600 --> 00:13:05,040 Speaker 3: issues were localized to intent Australia's business. Peter's spokesperson told 243 00:13:05,040 --> 00:13:08,120 Speaker 3: me it wouldn't be appropriate to comment on a legal action, 244 00:13:08,360 --> 00:13:10,280 Speaker 3: but that the Minister has been briefed on the matter. 245 00:13:10,480 --> 00:13:13,160 Speaker 3: He said, tav in Z's board has sort of assurances 246 00:13:13,200 --> 00:13:16,079 Speaker 3: from Intane regarding the action and have advised that Intane 247 00:13:16,120 --> 00:13:19,319 Speaker 3: I have engaged and cooperated fully with Obstract but after 248 00:13:19,360 --> 00:13:22,240 Speaker 3: that so. Also in January, reut has reported that Britain's 249 00:13:22,240 --> 00:13:26,079 Speaker 3: accounting watchdog has started an investigation into the audit conducted 250 00:13:26,080 --> 00:13:29,880 Speaker 3: by KPMG on the financials of Intan in twenty twenty two. 251 00:13:30,120 --> 00:13:32,240 Speaker 3: That it should be set as an investigation into KPMG, 252 00:13:32,400 --> 00:13:35,000 Speaker 3: not Intane, but it's it is true that there are 253 00:13:35,080 --> 00:13:37,960 Speaker 3: two watchdogs looking into Intan specifically in Australia, but then 254 00:13:38,040 --> 00:13:39,760 Speaker 3: Intan adjacent stuff in the UK. 255 00:13:40,120 --> 00:13:42,320 Speaker 1: Thanks for joining us, Gregor, thank you very much. 256 00:13:45,800 --> 00:13:48,920 Speaker 2: That's it for this episode of The Front Page. You 257 00:13:48,920 --> 00:13:52,760 Speaker 2: can read more about today's stories and extensive news coverage 258 00:13:52,800 --> 00:13:56,800 Speaker 2: at enzdherld dot co dot nz. The Front Page is 259 00:13:56,840 --> 00:14:00,560 Speaker 2: produced by Ethan Sills and Richard Martin, who is also 260 00:14:00,720 --> 00:14:01,880 Speaker 2: a sound engineer. 261 00:14:02,280 --> 00:14:03,800 Speaker 1: I'm Chelsea Daniels. 262 00:14:04,360 --> 00:14:07,560 Speaker 2: Subscribe to the Front Page on iHeartRadio or wherever you 263 00:14:07,559 --> 00:14:11,400 Speaker 2: get your podcasts, and tune in on Monday for another 264 00:14:11,440 --> 00:14:13,120 Speaker 2: look behind the headlines.