Federal Budget funding boost for AUSTRAC
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.
This increased funding means we will be able to:
- deliver a new, modern reporting system that is easy, fast and simple to use and assists reporting entities to fulfil their compliance obligations
- dedicate more resources to proactive regulation, education and outreach to support industry
- strengthen our ability to detect, investigate and take enforcement action against serious and/or systemic non-compliance
- ensure greater cooperation with key counterparts to combat money laundering, terrorism financing and other serious crime.
The increase in funding will go a long way in supporting you to comply with your reporting obligations, protecting Australians from criminal exploitation and building resilience in the Australian financial system.