It is estimated that up to $4.5 billion is involved in money laundering in Australia every year. With increased technological advances, this figure is predicted to rise even further.
The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) came into effect on 12 December 2006. This legislation is part of a reform process that aims to protect industry, business and individuals against criminal activities such as money laundering, drug trafficking, arms dealing, child pornography, people smuggling, fraud, terrorism and tax evasion.
Both businesses and individuals benefit from Australia's strong financial infrastructure and international reputation as a secure financial centre. It is the ongoing responsibility of government, industry and individuals to work together to ensure it remains this way.
For more information on obligations for businesses, refer to General Information and Frequently Asked Questions (FAQ's).
23-APR-2007
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