AUSTRAC assessed the overall ML/TF risks associated with remittances sent through remittance providers from Australia to Pacific Island countries as low. This was based on the low level of criminality associated with these remittances and the generally low value of remittances being sent to support family and communities in the Pacific.
This risk assessment was produced in collaboration with the Department of Foreign Affairs and Trade, to support broader Australian Government commitments to the G20 around financial inclusion, including commitments to drive down the cost of remittances to the Pacific.
This risk assessment is intended to provide a summary and general overview; it does not assess every risk or product relevant to remittances to Pacific Island countries. It does not set out the comprehensive obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act), AML/CTF regulations and AML/CTF Rules. It does not constitute nor should it be treated as legal advice or opinions. The Commonwealth accepts no liability for any loss suffered as a result of reliance on this publication. AUSTRAC recommends that independent professional advice be sought.