Timeline

Early 1980s

• Australian royal commissions uncover links between tax evasion, fraud, organised crime and money laundering techniques

1988

• Cash Transaction Reports Act 1988 (CTR Act) enacted

1989

• Cash Transaction Reports Agency (CTRA) established
• Mr Bill Coad commenced as CTRA Director
• The international Financial Action Task Force (FATF) established at Group of 7 (G7) Summit in Paris - Australia (through AUSTRAC representation) one of 15 founding member nations
• CTRA Provider Advisory Group (PAG) established to enable liaison and consultation with industry associations and major cash dealers

1990

• CTRA begins operational work
• First version of AUSTRAC's database and enquiry system developed: the Transaction Reports and Processing (TRAP) database
• Reporting of suspect transactions, significant cash transactions and international currency transfers commences under the CTR Act
• The FATF issues 40 recommendations on anti-money laundering

1991

• 100 point identification check system for new signatories to accounts introduced
• AUSTRAC's first memorandum of understanding (MOU) with an international counterpart (France) signed

1992

• First mutual evaluation of Australia's compliance with the FATF's 40 recommendations conducted
• Legislation re-named from CTR Act to Financial Transaction Reports Act 1988 (FTR Act)
• CTRA re-named to Australian Transaction Reports and Analysis Centre (AUSTRAC)
• Reporting of international funds transfer instructions commences under the FTR Act
• First electronic delivery system for financial transaction reports developed (EDDS) by AUSTRAC

1993

• Australia appointed to Chair of the FATF
• Replacement of TRAP database with Transaction Reports and Analysis Query (TRAQ) database
• AUSTRAC data used in US$40 million fraud and money laundering investigation involving a number of countries

1994

• AUSTRAC launches the ScreenIT monitoring system

1995

• The international Egmont Group of Financial Intelligence Units established during meeting in Brussels - AUSTRAC founding member
• AUSTRAC Messaging Infrastructure (AMI) first secure email system for law enforcement agencies introduced
• AUSTRAC publishes Estimates of the extent of money laundering in and through Australia by John Walker ('the Walker report'), classed as the definitive study of national money laundering in the world

1996

• Ms Elizabeth Montano appointed AUSTRAC Director
• Second mutual evaluation of Australia's compliance with the FATF's 40 recommendations conducted
• AUSTRAC data used extensively to monitor the movement of funds of a drug syndicate involved in money laundering and tax evasion resulting in the arrests of 16 people
• In AUSTRAC's first year of collecting tax assessment data for the previous financial year - AUSTRAC information contributes to Australian Taxation Office (ATO) assessments of more than $27 million in 1995-96

1997

• The FATF-style regional Asia Pacific Group on Money Laundering established - AUSTRAC founding member
• Solicitor reporting of significant cash transactions commences under the FTR Act
• AUSTRAC intelligence used to identify the money trail of an accountant subsequently convicted and sentenced to three years imprisonment for laundering more than $1 million of drug money
• AUSTRAC information contributes to ATO assessments of over $29 million in the 1997-98 financial year

1998

• AUSTRAC launches the TargIT monitoring system
• AUSTRAC provides financial details relating to an attempt to defraud the Commonwealth of $1.3 million
• AUSTRAC information contributes to ATO assessments in excess of $47 million in the 1997-98 financial year

1999

• Formation of the Proof of Identity Steering Committee
• AUSTRAC identifies cash transactions leading authorities to discover more than $25 million in assets in Australia that were part of the proceeds of a major fraud against a financial institution in a neighbouring country
• AUSTRAC information contributes to ATO assessments of more than $46 million in the 1998-99 financial year

2000

• Second version of database and enquiry system (TES) developed
• Gaming Provider Advisory Group created
• AUSTRAC data facilitates the identification of millions of dollars of international funds movements and suspect transactions resulting in the freezing of assets of an individual receiving secret commissions whilst owing $1.5 million dollars in unpaid tax
• AUSTRAC data assists the investigation, across three countries, into people smuggling following the death of 58 Chinese immigrants in Dover, UK
• AUSTRAC information contributes to ATO assessments of over $44 million in the 1999-2000 financial year

2001

• FATF issues eight special recommendations on counter-terrorism financing
• AUSTRAC data used to investigate members of a family found to have laundered $40 million through gem importation and misusing charities
• AUSTRAC information contributes to ATO assessments in excess of $72 million in the 2000-01 financial year

2002

• Suppression of the Financing of Terrorism Act 2002 enacted
• Mr Neil Jensen appointed AUSTRAC Director
• Electronic reporting increases by 356%
• An investigation using AUSTRAC intelligence identifies regular international funds transfers as part of a drug trafficking syndicate. Six people are arrested following the seizure of a large quantity of heroin receiving jail sentences, aggregating to 79 years
• AUSTRAC information contributes to ATO assessments of more than $33 million in the 2001-02 financial year

2003

• 11th Annual Plenary Meeting of the Egmont group hosted by AUSTRAC
• Data mining tools introduced to aid in AUSTRAC analysis
• Government announces review of the FTR Act and Australia's AML/CTF system
• AUSTRAC's automated monitoring system identifies $1.5 million remitted to overseas accounts as part of a drug syndicate resulting in the seizure of 79 kilograms of methyl amphetamine ('ice') and 184 kilograms of heroin
• AUSTRAC information contributes to ATO assessments over $99 million in the 2002-03 financial year

2004

• FATF issues ninth recommendation on counter-terrorism financing
• AUSTRAC signs its 25th international MOU with the Bahamas
• AUSTRAC information identifies the structuring of 125 cash deposits each under $10,000 by two individuals resulting the seizure of a total of $1.17 million
• AUSTRAC information contributes to ATO assessments in excess of $75 million in the 2003-04 financial year

2005

• Third mutual evaluation of Australia's compliance with the FATF's 40+9 recommendations conducted
• AUSTRAC launches its first AML eLearning application
• AUSTRAC develops and launches 'FIU-in-a-box' to assist other FIUs in developing their AML/CTF monitoring systems
• An investigation into the activities of individuals running an unlicensed financial service business offering early access to superannuation funds enhanced by the use of AUSTRAC data, leading to the conviction of two individuals (jailed for 18 months) and a fine of $200,000
• AUSTRAC information contributes to ATO assessments of more than $61.6 million in the 2004-05 financial year

2006

• Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) enacted
• Reporting of cross-border movements of physical currency and bearer negotiable instruments commences under the AML/CTF Act
• First AML/CTF Rules registered
• AUSTRAC data initiates an investigation into a bank employee who gambled millions of dollars from clients' accounts resulting in an individual being charged with three counts of money laundering and 37 counts of fraud
• AUSTRAC information contributes to ATO assessments of over $90.7 million in the 2005-06 financial year

2007

• AUSTRAC co-authors with John Walker The extent of money laundering in and through Australia in 2004 published by the Australian Institute of Criminology
• AUSTRAC co-hosts counter-terrorism workshops for Asia-Pacific Economic Cooperation (APEC) officials
• First finalised AUSTRAC guidance notes published
• AUSTRAC hosts inaugural industry consultative forum
• AUSTRAC launches the internet-based portal AUSTRAC Online, the AUSTRAC Regulatory Guide, the AUSTRAC Typologies and Case Studies Report 2007 and a substantially revised e-learning course
• AML/CTF compliance reporting provisions take effect
• AUSTRAC analysis establishes a network of individuals previously unknown to be linked leading to the conviction of two directors of a duty-free store on multi-million dollar fraud charges and the re-payment of $2.5 million in unpaid tax
• AUSTRAC information contributes to ATO assessments in excess of $87 million in the 2006-07 financial year

2008

• AUSTRAC Public Legal Interpretation series launched
• AUSTRAC signs its 50th international MOU with Mexico
• AUSTRAC CEO Mr Neil Jensen appointed to Chair of the Egmont group
• Reporting of suspicious matters, threshold transactions and international funds transfer instructions commences under the AML/CTF Act
• AUSTRAC data initiates a multi-agency investigation which results in the fourth largest cocaine seizure in Australian history with an estimated street value of $87.5 million
• AUSTRAC data used by Operation Inca resulting in the world's single largest seizure of ecstasy
• AUSTRAC information contributes to ATO assessments of more than $76.7 million in the 2007-08 financial year
• Implementation of Australia's first tranche of the AML/CTF reforms concludes

2009

• AUSTRAC signs Australia's first MOU for the international exchange of regulatory information