AUSTRAC business strategy 2009-12
29-JUL-2009
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Contents
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; 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 AML/CTF program in partnership with industry, partner agencies, government and others.
- Build the trust of the community, industry and government in AUSTRAC as Australia's AML/CTF 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. 2009-12 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/CTF reform
- Ensure a well managed and smooth transition to the new AML/CTF environment.
- Complete tranche one reform projects and prepare for a second tranche of AML/CTF legislation.
- Contribute to the ongoing development of Australia's AML/CTF framework to meet international standards and domestic requirements.
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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.
- Build our research capabilities and enhance our measures of effectiveness.
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6.3 Improving industry compliance with their obligations
- Identify, know and supervise regulated entities.
- Develop risk based and differentiated solutions that make optimal use of our resources and do not impose unnecessary regulatory burden.
- Identify and respond to the changes in AML/CTF risk arising from the global financial crisis.
- 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
- Pursue technology-based solutions to improve the productivity, timeliness and quality of our intelligence products.
- 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.
- Leverage the opportunities arising from enhanced information flows between intelligence and supervisory functions.
- Assist countries in South-East and South 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.
- Improve our productivity through innovation, including technology-based solutions, in accordance with government expectations and our collective agreement.
- Continue to engage staff with the 'Our Journey Ahead' organisational change strategy by clearly communicating within AUSTRAC our change management strategy.
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6.6 Improving corporate governance, financial management, security, privacy and information management
- Strengthen our internal controls, corporate governance and reporting, and performance management to fully support our business.
- Implement a new financial information system and strengthen budgetary management.
- 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.
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18-JAN-2010
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21-JAN-2009
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