Contents
1. Vision
2. Purpose
3. Role
4. Values
5. Strategic priorities
6. 2008-11 business priorities
6.1 Implementing AML and CTF reform
6.2 Building community trust
6.3 Improving industry compliance with their obligations
6.4 Enhancing our intelligence capability
6.5 Improving ourselves
6.6 Improving corporate governance, security, privacy and
information management
1. Vision
An Australian community that is hostile to money laundering and the financing of terrorism.
2. 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.
3. 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.
4. Values
The Chief Executive Officer of AUSTRAC is accountable to the Parliament of Australia through the Minister for Home Affairs.
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 all of 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; and 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.
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5. Strategic priorities
During the next three years we will:
- Implement the reform of Australia's anti-money laundering and counter-terrorism financing program in partnership with industry, partner agencies, government and others.
- Build the trust of the community, industry and government in AUSTRAC as Australia's anti-money laundering and counter-terrorism financing regulator.
- Improve industry compliance with their obligations.
- Maintain AUSTRAC's reputation as a global leader in collecting, analysing and disseminating financial intelligence.
- Comprehensively build the capacity and capability of our workforce.
- Demonstrate best practice in corporate governance, privacy, security and information management.
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6. 2008-11 business priorities
In addition to our ongoing business activities, in the next three years we will focus on the following in support of our strategic priorities:
6.1 Implementing AML and CTF reform
- Ensure a well managed and smooth transition to the new AML/CTF environment.
- Contribute to the ongoing development of Australia's AML/CTF framework to meet international standards and domestic requirements.
- Plan and implement the second tranche of AML/CTF legislation.
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6.2 Building community trust
- Promote AUSTRAC's role as regulator in the wider community.
- Identify whole-of-government opportunities for improved service delivery.
- Strengthen AUSTRAC's relationships with our domestic and international partners, government and industry.
- Reinforce transparency in our regulatory approach.
- Improve the quality, quantity and timeliness of feedback to regulated entities.
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6.3 Improving industry compliance with their obligations
- Identify, know and supervise regulated entities.
- Provide guidance and education to regulated entities in respect of the AML/CTF legislation.
- Improve our regulatory risk assessment capability.
- Develop streamlined, risk based and tailored solutions that make optimal use of our resources and do not impose unnecessary regulatory burden.
- Strengthen our enforcement capability and undertake measured enforcement action.
- Ensure industry complies with their obligations during the transition from the Financial Transaction Reports Act 1988 (FTR Act) to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act).
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6.4 Enhancing our intelligence capability
- Enhance the value of our financial intelligence through focused research, effective communication and technology driven solutions.
- Expand AUSTRAC's access to related intelligence and information sources.
- Enhance the relevance of AUSTRAC information to our partner agencies through strategic alignment of priorities.
- Identify and target emerging money laundering and terrorism financing techniques through the collection and analysis of feedback from partner agencies, international counterparts and others.
- Deliver targeted and consistent education and training to partner agencies.
- Assist countries in South-East Asia, the Pacific and elsewhere to build the capabilities of their financial intelligence units.
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6.5 Improving ourselves
- Build organisational capability by effectively recruiting, inducting, developing and retaining the best people.
- Promote AUSTRAC as an employer of choice and support staff in balancing their work/home life commitments.
- Encourage and support future leaders.
- Identify and implement technology driven solutions to enhance our productivity.
- Continue to engage everyone on the 'Our Journey Ahead' organisational change strategy by clearly communicating within AUSTRAC our change management strategy.
- Reinforce the importance of effective communication and collaboration across the organisation.
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6.6 Improving corporate governance, security, privacy and information management
- Continuously review our corporate governance arrangements to ensure our policies and practices accord with government expectations and support our business.
- Strengthen our internal controls in accordance with our risk control plan.
- Review and align our security policies and practices to ensure they accord with government expectations and support our business needs.
- Safeguard against improper access to and use of AUSTRAC information.
