Transparency International Australia and the Australian Centre for International Justice (ACIJ) welcome reports that the Australian Federal Police (AFP) is investigating Australian coal company Tigers Realm Coal Limited over alleged breaches of Australia’s sanctions laws.
sanctions
Australia’s political stability, open economy and strong financial and property markets make the country an attractive destination for global investment—and a target for illicit financial flows.
Transparency International Australia welcomes the inquiry into Australia’s sanctions regime. Sanctions can be a powerful anti-corruption tool, complementing the AML/CTF framework and aligning Australia with global standards. We recommend an independent taskforce to coordinate enforcement, link sanctions to investigations, and improve transparency.
ASX-listed Tigers Realm Coal’s sale of its Russian subsidiaries to a Russian mining tycoon at the company’s AGM have once again put the spotlight on Australia’s sanctions regime, says Transparency International Australia and the Australian Centre for International Justice.
ASX-listed Tigers Realm Coal Limited are captured by Australia’s sanctions laws, the Federal Court has found yesterday, in dismissing the company’s challenge of the application of these laws to its coal operations in Russia.
ASX-listed Tigers Realm Coal Limited has continued, through its Russian subsidiaries, to mine, load and sell Russian coal, despite the risk of being in breach of Australia’s sanctions laws.
ASX listed Tigers Realm Coal quarterly updates shows the company still exporting Russian coal to Asia markets in the face of Australia’s sanctions regime, says anti-corruption group.