Australia's anti-money laundering regulator makes its priorities known for
20 December 2012
The Australian Transaction Reports and Analysis Centre (AUSTRAC) has published its operational strategies for 2012-14, outlining major objectives for its supervision, enforcement and intelligence functions over the next two years.
AUSTRAC Chief Executive Officer John Schmidt said: 'The money laundering and terrorism threats we face are constantly evolving. The challenge of combating these threats requires a collaborative approach between government and industry.
'One of the aims of the AUSTRAC strategies is to help industry and our partner agencies understand how we intend to meet our regulatory, enforcement and intelligence responsibilities over the coming period.'
AUSTRAC's supervisory priorities include assisting entities to strengthen their anti-money laundering and counter-terrorism financing (AML/CTF) programs and improving the quantity and quality of transaction reporting to AUSTRAC.
The agency's enforcement strategy explains how AUSTRAC intends to focus on businesses which neglect their AML/CTF program and transaction reporting obligations, and on improving compliance among the money remittance sector.
AUSTRAC's intelligence priorities include continuing to strengthen its understanding of money laundering and terrorism financing threats and enhancing its financial intelligence capabilities and systems.
'AUSTRAC's priorities are carefully chosen,' Mr Schmidt said.
'We prioritise the areas we believe industry needs to focus on to ensure Australia's defences against money laundering and terrorism financing are as robust, relevant and targeted as they can be.'
Read AUSTRAC's 2012-14 strategies on the AUSTRAC website.
AUSTRAC (Australian Transaction Reports and Analysis Centre) is Australia's anti-money laundering and counter-terrorism financing regulator and specialist financial intelligence unit. AUSTRAC works with law enforcement and other agencies to protect the integrity of the Australian financial system and fight serious crimes such as drug trafficking, tax evasion, fraud and people smuggling.
Telephone: +61 3 8636 0585