Reforms have been made to strengthen Australia’s anti-money laundering and counter-terrorism financing laws.
In simpler times, a business front would suffice to make illegally acquired money appear legitimate. A chain of laundromats did the job for Al Capone and is the origin of the term ‘money laundering’.
Over time, criminals have turned to increasingly sophisticated methods to disguise the origins of dirty money and integrate it into the mainstream economy.
In trade-based money laundering (TBML), criminals take advantage of the size and complexity of international trade to transfer money between parties and evade authorities.
The Financial Action Task Force (FATF), the global group that sets international anti-money laundering and counter-terrorism financing (AML/CTF) standards, has published two recent updates relating to international ML/TF risk.
The reports provide an update on jurisdictions which may pose a risk to the international financial system:
The Serious Financial Crime Taskforce (SFCT) is an Australian Taxation Office (ATO) led multi-agency taskforce established in 2015. It brings together the knowledge, resources and experience of law enforcement and regulatory agencies to identify, prioritise and treat the threats posed by serious financial crime.
Supporting businesses with guidance and education resources is a key priority for AUSTRAC. We’re developing new guidance and reviewing our existing guidance to ensure it is up to date and useful for your business.
Your business plays a crucial role in identifying and reporting financial crime to protect Australia’s financial system and community from money laundering and other serious crimes.
Each year, most businesses that are regulated by AUSTRAC must complete an annual compliance report telling us about your compliance for the previous calendar year.
The report covers important areas of anti-money laundering and counter-terrorism financing (AML/CTF) and helps us to understand how you have been complying with your obligations, and where you may need additional support or guidance.
In 2019-20 AUSTRAC’s Fintel Alliance celebrated some major operational results, which you can read about in the Fintel Alliance Performance Report 2019-20.
On 6 October 2020, the Australian Government handed down the 2020-21 Federal Budget, which included a $104 million funding boost and an additional 67 new staff.
Regulatory technology (RegTech) can play an important role helping businesses meet anti-money laundering and counter-terrorism financing (AML/CTF) obligations through technology solutions.
Join The RegTech Association RegTech 101 webinar, hosted in collaboration with AUSTRAC to learn how RegTechs can help your business with compliance and good governance. The webinar will cover: