AUSTRAC to exchange financial intelligence with Russia and two more countries

Australia’s international network to track illicit funds has been further boosted with the signing of memorandums of understanding (MOUs) with Russia, Bahrain and the Turks & Caicos Islands.

AUSTRAC now has 76 exchange instruments for sharing financial intelligence with foreign counterparts.

The MOUs set out the agreed terms for information exchange and include protections around

  • confidentiality of information exchanged 
  • the information being used solely for the purpose for which it is communicated to the foreign jurisdiction.

The MOUs are a key tool in combating global crimes and protecting the integrity of Australia’s financial system.

Cooperation is needed between financial intelligence units and law enforcement in a range of countries because criminals – involved in money laundering, terrorism, tax evasion drug trafficking and other serious and organised crimes – do not respect borders.  

The new arrangements are with:

Russia

  • AUSTRAC’s MOU with the Federal Financial Monitoring Service, Russia (FFMS Russia) is a landmark arrangement in our national interest to tackle serious and organised crime and proceeds of crime.

Bahrain

  • AUSTRAC’s MOU with the Financial Intelligence Directorate, Bahrain (FID Bahrain) is the first arrangement with a Gulf state.
  • It is valuable because Bahrain is a financial centre with a proven history of combating terrorism financing.  
  • Recently it hosted the Manama conference to enhance efforts to combat funding of terrorist organisations within and outside the Middle East and North Africa (MENA) region.

Turks & Caicos Islands

  • AUSTRAC’s MOU with the Financial Intelligence Agency, Turks and Caicos Islands (FIA T&CI) gives Australia a link to a significant financial centre which is home to a range of financial service providers.

View the Minister for Justice's media release.


Issued by AUSTRAC Communications:

Last modified: 17/07/2015 12:18