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Perth Mint’s worldwide repute has been broken by gold “doping” revelations and previous anti-money laundering failures, its chief government admits.
The West Australian government-owned company has admitted it diluted gold it bought to China with the addition of silver to economize, at the least as soon as, between 2018 and 2021.
An investigation by the ABC’s 4 Corners program discovered the Shanghai Gold Trade had raised complaints about two gold bars that didn’t meet its strict specs.
An inside report into the incident raised considerations “as much as 100 tonnes of inventory” price billions of {dollars} might be recalled to Perth to be recast at taxpayers’ expense.
Mr Waters, who arrived at Perth Mint after the doping incident in April final 12 months, on Tuesday stated all gold bought throughout that interval had exceeded the minimal 99.99 per cent trade normal.
However he stated it was “unacceptable” the mint had breached the harder Shanghai specs and uncovered itself to reputational hurt.
“It is a severe problem. It should not have occurred,” he advised reporters.
“These types of points are dangerous for our repute… I need to see that repaired and get us again to the repute that we must always have.”
Mr Waters stated he had mentioned the subject with Mines Minister Invoice Johnston upon taking workplace however declined to touch upon when the federal government had change into conscious of the observe or the dimensions of the potential taxpayer legal responsibility.
Mr Johnston is in Asia for a commerce mission and Premier Mark McGowan is but to touch upon the Perth Mint revelations.
Senior authorities minister Rita Saffioti on Tuesday stated she was unable to reply questions on the subject however anticipated the premier would in coming days.
Perth Mint stays underneath investigation by monetary crime regulator AUSTRAC, which final 12 months ordered the appointment of an exterior auditor to look at considerations about its compliance with anti-money laundering and counter-terrorism financing obligations.
Mr Waters stated these considerations had been “historic” however conceded the mint nonetheless wanted to enhance its programs and transparency.
“This report from AUSTRAC might be handed down this 12 months … we’ll be held to account for it and we’ll get higher,” he stated.
4 Corners reported former Hells Angels bikie Dayne Brajkovich had bought $27,000 in gold from the mint in June final 12 months.
The mint is required to conduct in depth checks on higher-risk clients however Mr Brajkovich advised this system he was solely requested for his driver’s license.
There is no such thing as a suggestion Mr Brajkovich’s cash was sourced from criminal activity.
Perth Mint is Australia’s greatest gold refinery with a turnover of just about $22 billion final monetary 12 months.
-AAP
