New national risk assessments in development

The Financial Action Task Force (FATF) monitors countries on their effective implementation of the FATF standards through a process known as a “mutual evaluation”. During the evaluation, Australia is required to demonstrate its understanding of money laundering and terrorism financing risks, and the necessary frameworks in place to address those risks effectively.

To demonstrate Australia’s understanding of its national money laundering and terrorism financing risks, we are developing two national risk assessments, one on money laundering and the other on terrorism financing. The national risk assessments are an important intelligence tool to address the highest money laundering and terrorism financing risks impacting Australia.

The national risk assessments will:

  • identify, assess and understand the contemporary and emerging risks facing Australia at both the domestic and international levels
  • provide an evidence base to inform policy and operational responses to identified threats developed by law enforcement, intelligence, integrity, regulatory and border control authorities at the federal, state and territory levels
  • provide contextual guidance to financial institutions and other industry sectors on the scale and impact of identified money laundering and terrorism financing risks.

To ensure the national risk assessments represent the collective understanding of all national authorities, we are engaging with a range of stakeholders from Commonwealth, state and territory governments, industry and international partners.

We are aiming to finalise the terrorism financing national risk assessment in late 2023, while the money laundering national risk assessment will be finalised in early 2024. Keep an eye on our website and InBrief for more information.