The Egmont Group
The Egmont Group of Financial Intelligence Units (the Egmont Group) was established in 1995, and has grown to a membership of 139 financial intelligence units. Its purpose is to facilitate cooperation in the exchange of financial intelligence within and between its members in the interest of combating money laundering and terrorism financing.
AUSTRAC is a founding and active member of the Egmont Group, including serving as Chair of the Egmont Committee in 2008-2009. AUSTRAC participates in Egmont Plenary and Working Group meetings and, in partnership with other Egmont members, co-sponsors prospective member jurisdictions. Currently, AUSTRAC is the Oceania Regional Representative for the Egmont Group.
Financial Action Task Force (FATF)
The Financial Action Task Force on Money Laundering (FATF) is an inter-governmental body whose purpose is the development and promotion of policies, both at national and international levels, to combat money laundering and terrorism financing. The FATF membership is currently made up of 34 countries and territories, including Australia (1990), and two regional organisations.
The FATF monitors members' progress in implementing necessary measures, reviews money laundering and terrorism financing techniques and counter-measures (typologies), and promotes the adoption and implementation of appropriate measures globally.
AUSTRAC is a member of the Australian delegation at FATF Plenary meetings, and participates in FATF typologies projects and other anti-money laundering and counter-terrorism financing (AML/CTF) initiatives. AUSTRAC officers have also undertaken expert training in FATF mutual evaluation assessments, a peer review process whereby jurisdictions are assessed for compliance with the international AML/CTF standards.
The FATF President answered questions on a number of crucial AML/CTF matters during his visit to Australia in July 2012 - the complete Q&A with AUSTRAC is available here.
Asia/Pacific Group on Money Laundering (APG)
The Asia/Pacific Group on Money Laundering (APG) is a FATF-style regional body comprising 41 member jurisdictions, five observer jurisdictions and 24 observer organisations.
The APG has five key roles:
to assess compliance by APG members with the global AML/CTF standards through the mutual evaluation process
to coordinate bi-lateral and donor-agency technical assistance and training in the Asia Pacific region in order to improve member compliance with the global AML/CFT standards
to participate in, and cooperate with, the international anti-money laundering network
to conduct research and analysis into money laundering and terrorist financing trends and methods to better inform APG members of systemic and other associated risks and vulnerabilities
to contribute to the global policy development of AML/CTF standards by active Associate Membership status in the FATF.
Australia is a founding member of the APG (1997), and is permanent co-chair of the group. The APG Secretariat is hosted by Australia in Sydney. AUSTRAC coordinates Australia's input to the work of the APG, including leading the Australian delegation to the APG Annual Meeting and Forum on Technical Assistance and Training, and participating in the annual APG Typologies Workshop. For recent typologies projects and findings regarding emerging money laundering and terrorist financing trends and methods, see the APG Yearly Typologies Report 2011 (PDF, 461KB).
AUSTRAC is also a member of the APG donors and providers group, which was established to foster information sharing on regional technical assistance and training activities, identify potential duplication, and leverage existing efforts. AUSTRAC provides trained assessors to conduct APG mutual evaluations, and contributes to key implementation initiatives such as the APG/World Bank Strategic Implementation Planning framework.