The Australian Securities and Investments Commission (ASIC) has charged Brendan Gunn, brother of Olympic dancer Rachael Gunn, for allegedly dealing with money suspected to be the proceeds of crime.
ASIC's Charges
On March 5, ASIC released a statement accusing Brendan Gunn of handling two bank cheques linked to four separate investment transactions totaling $181,000. The funds were reportedly deposited by three victims who intended to convert their money into cryptocurrency. Gunn allegedly continued opening bank accounts to facilitate these transactions despite repeated closures by financial institutions over scam-related concerns.
Reaction and Consequences
Brendan Gunn faced a local court on March 4 and is scheduled to return on April 29. If convicted, he could face up to three years in prison, a fine of $37,800, or both. Despite the charges, Gunn publicly supported his sister Rachael, known as 'Raygun,' who gained international attention for her performances at the 2024 Paris Olympics.
Cryptocurrency Regulation in Australia
The case unfolds amid increasing regulatory scrutiny of the cryptocurrency sector in Australia. The Australian Transaction Reports and Analysis Center (AUSTRAC) has recently intensified its oversight, investigating over 50 crypto-related entities and taking action against 13 remittance service providers just in February. Additionally, ASIC has proposed new regulations that would require businesses dealing in cryptocurrencies to obtain licenses.
The charges against Brendan Gunn highlight the increasing control over the cryptocurrency industry in Australia. ASIC and AUSTRAC continue to implement measures aimed at strengthening regulation and preventing financial crime.
