The federal financial crimes regulator has ordered a sweeping audit of the processes and records at Gold Corporation, the owner of the Perth Mint. Put simply AUSTRAC has expressed serious concerns around the Perth Mint's compliance standards, saying it suspects it has breached criminal laws and provisions of transaction reporting laws. There is no suggestion that the GoldPass app is responsible for facilitating any misuse. The app also allows investors to choose whether they trade in Australian or US dollars - which could also expose the mint to US regulators, as well as AUSTRAC. The app allows anyone to trade gold and silver digital certificates - certificates that are backed by physical Perth Mint gold/silver stored in its central bank-grade vaults. Technological advances have allowed the mint to reach clients around the world, through an app called GoldPass. And if any of that gold goes missing, or is stolen, it has to be paid for by who? Taxpayers." "I mean, it's the biggest primary producer of mined gold in the world, it's sitting on $6 billion of gold.
The Perth Mint holds about $6 billion worth of gold - all underwritten by the WA taxpayer. "When this was set up the mint wasn't running a massive, commercial safe deposit box," he said. Thomson Reuters Asia Pacific financial crime expert Nathan Lynch said these days the justification for the state underwriting the mint was "really thin". But the "gold standard", as it was known, was abandoned globally in the early 1970s. It was created at a time when currencies were backed by gold, and mining the precious resource was key to powering Australia's economic growth.
The Perth Mint's foundations are steeped in WA's gold rush history. By extension, all metal deposits are underwritten by WA taxpayers. It is the world's only government owned and guaranteed precious metals enterprise. The mint holds around $6 billion on behalf of its clients, who range from central banks and sovereign wealth funds, to individuals, in over 130 countries. The Perth Mint is the nation's official bullion mint, and is owned by the state government.Īccording to its 2021 annual report, the Perth Mint's yearly turnover was more than $26 billion.
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