AUSTRAC business strategy

06-JUN-2014

Vision

An Australian community that is hostile to money laundering and the financing of terrorism.

Purpose

To protect the integrity of Australia's financial system and contribute to the administration of justice through our expertise in countering money laundering and the financing of terrorism.

Role

AUSTRAC's purpose is achieved through the collaborative efforts of two interdependent functions:

  • AUSTRAC is Australia's anti-money laundering and counter-terrorism financing (AML/CTF) regulator.
  • AUSTRAC, as Australia's financial intelligence unit, collects, analyses and disseminates financial intelligence to revenue, law enforcement, national security and other partner agencies in Australia and overseas.

Values

The Chief Executive Officer of AUSTRAC is accountable to the Parliament of Australia through the Minister for Justice.

AUSTRAC adheres to all relevant laws and to the Australian Public Service Values and Code of Conduct, with a focus on particular characteristics that guide us in how we do business, how we relate to our partners and how we treat one another.

Our values are:

  • Professionalism: meeting a high standard in all we do; working together with our regulated entities, partner agencies and others in a practical, diligent, timely, rigorous and results-driven manner.
  • Integrity: behaving ethically; acting with honesty, loyalty and courage.
  • Openness: being accessible to others; open to ideas; transparent in decision making; open and frank in communicating decisions; making information available, subject to compliance with legislation and government policy.
  • Fairness: ensuring people get a fair go and that all are treated equitably and justly.
  • Innovation: suggesting changes for the better, encouraging and being responsive to the ideas and suggestions of others.
  • Respect: acting with courtesy towards everyone with whom we deal.
  • Cooperation: working flexibly and inclusively with a focus on achieving the best possible results.
  • Trust: building trust through behaving in accordance with our values.

By basing our work on these values, we provide high quality results that meet the expectations of the Australian Government, our people and partners.

Strategic objectives

1. Improve industry compliance

  • Gain a better understanding of our regulated population. 
  • Promote industry compliance with the full range of their reporting obligations.  
  • Implement risk-based and differentiated approaches that make optimal use of our resources and do not impose unnecessary regulatory burden.
  • Strengthen our enforcement capability and undertake measured enforcement action.

2. Enhance our financial intelligence

  • Improve our productivity and the timeliness and quality of our intelligence product, including through technology and access to extrinsic data sources.
  • Ensure our intelligence product is of value and relevance to our partner agencies and aligned with whole-of-government strategies.
  • Make the best use of our knowledge of emerging money laundering and terrorism financing methods and vulnerabilities, and assist our partners to do the same.
  • Build the capacity of other financial intelligence units in order to improve the exchange of financial information.

3. Build productive relationships

  • Identify whole-of-government opportunities for improved service delivery.
  • Enhance our relationships with our domestic and international partners, government and industry and seek opportunities to influence agendas.
  • Encourage heightened industry engagement with all elements of the AML/CTF framework. 
  • Promote a broader understanding of our role in the wider community.

4. Bolster the AML/CTF regime

  • Build our strategic research capability in both regulatory and intelligence matters. 
  • Engage with relevant experts to harness and apply their experience, skills and knowledge.
  • Contribute to the ongoing development of an effective AML/CTF regime.
  • Develop measures to evaluate and better demonstrate the effectiveness of the AML/CTF regime.

5. Strengthen corporate governance

  • Improve our corporate governance, through strengthening our internal controls and risk management.
  • Strengthen budgetary and financial management, including through our new financial information system.
  • Reinforce our privacy and security policies and practices.
  • Safeguard against improper access to and use of AUSTRAC information.

6. Improve ourselves

  • Foster a culture of professionalism, collaboration and high performance.
  • Cultivate a shared understanding amongst staff of their contribution to our goals and to government objectives. 
  • Shape an adaptable, skilled workforce. 
  • Support staff in balancing their work/home commitments.
  • Provide staff with opportunities for broader Australian Public Service career development and develop future leaders.
06-JUN-2014

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© Commonwealth of Australia - AUSTRAC 2014