AUSTRAC agrees to exchange financial intelligence with Serbia
31 July 2012
AUSTRAC continues to broaden the scope for the international sharing of financial intelligence after signing a memorandum of understanding (MOU) with the financial intelligence unit (FIU) of the Republic of Serbia.
The signing is a significant step in fostering closer international cooperation and will assist efforts to track illicit funds across the globe.
AUSTRAC CEO John Schmidt said: 'The increasingly international nature of financial crime has made the exchange of financial intelligence vital.'
'Australia is involved in millions of international funds transactions each year, so international partnerships are critical in the global fight against money laundering and in protecting the integrity of Australia's financial system.'
AUSTRAC and Serbia are active members of the Egmont Group, the globally recognised international network of financial intelligence units established to promote cooperation between its members.
The MOU clearly sets out the terms of reference for the exchange of information between AUSTRAC and Serbia.
The MOUs protect the confidentiality of the information exchanged by the FIUs and ensure that the information will only be used for the purpose for which it is communicated to the foreign country.
With the signing of this new instrument, AUSTRAC now has 64 exchange instruments for the sharing of financial intelligence with foreign counterparts.
AUSTRAC also has an arrangement to exchange regulatory information with its Canadian counterpart, FINTRAC.
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.
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