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AUSTRAC expands global financial intelligence capability with China posting

AUSTRAC continues to build its global network of financial intelligence capability with the appointment of the first ever AUSTRAC financial intelligence analyst to be posted in China.

Announced by the Minister for Home Affairs Peter Dutton at the 4th regional Counter-Terrorism Financing (CTF) Summit in Bangkok this week, the analyst will be based in Guangzhou, in the southern province of Guangdong, from December this year and will work closely with China’s financial intelligence unit (FIU).

AUSTRAC CEO, Nicole Rose PSM said that the posting represents a significant boost to Australia’s intelligence capability in the region.

“The Guangdong province is a strategically important area for Australia in the fight against transnational serious and organised crime and this increase in our financial intelligence capability will further enhance Australia’s ability to work with China to clamp down on organised crime syndicates in the region,” Ms Rose said.

“Transnational serious and organised crime is motivated by profit and is estimated to cost Australians up to $47.4 billion annually. AUSTRAC’s job is to follow the money and provide crucial intelligence to law enforcement to support them in holding criminals to account.

“The Australian Federal Police have been working in China for some years now, seeing significant results, and this AUSTRAC posting will further strengthen information sharing and law enforcement relationships that are so important for both nations, and the protection of our respective peoples.”

The Guangzhou posting follows the appointments earlier this year of AUSTRAC officers to the Philippines and Malaysia, which complement AUSTRAC staff based in Indonesia.

Outcomes of the 4th Regional Counter-Terrorism Financing (CTF) Summit

The CTF Summit is recognised globally as a leading example of international cooperation focused on understanding and responding to terrorism financing. The 2018 CTF Summit saw over 350 global leaders and specialists in financial intelligence gather with senior representatives from regulatory, law enforcement, national security and policy agencies, industry participants and academics.

Outcomes of 2018 CTF Summit include: the identification and prioritisation of ISIL affiliated organisations in the Asia-Pacific region, as well as other emerging terrorist organisations; the launch of a regional assessment on non-profit organisation red flag indicators; and the release of a secure information-sharing platform prototype.

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