Australia has a strong anti-money laundering and counter-terrorism financing (AML/CTF) regime. However, the risks we face are always evolving as criminals find new methods to evade the law.

This is why on Tuesday we released two national risk assessments, which show the scale, sophistication and threat of money laundering and terrorism financing in Australia. They offer an in-depth look at the extent of these crimes and the channels and sectors that are at highest risk of exploitation. These assessments are a valuable tool to help businesses understand their risks and strengthen their AML/CTF programs. 

Money laundering – existing and new threats 

Our strong and stable economy makes Australia an attractive destination for money laundering. Criminals continue to exploit established legal channels such as banks, remittance service providers and casinos to hide their proceeds of crime. However, they are also increasingly using digital currency exchanges and cryptocurrency, due to the anonymity they allow. 

Read more in the money laundering in Australia national risk assessment.

Terrorism financing – who’s most at risk?

While almost any financial institution is vulnerable to exploitation, the small number of known and suspected cases of terrorism financing in Australia have largely involved the use of banks. We have also observed the misuse of remittance services and foreign exchange providers. 

Read more in the terrorism financing in Australia national risk assessment.

What should I do? 

• Read the two risk assessments to understand how your business might be exposed to money laundering and terrorism financing 
• Ensure your business complies with your obligations under the AML/CTF Act
• Report suspicious matters to AUSTRAC – this is critical to protecting your business and the community from serious crime. 

AUSTRAC will take action to stop criminal activities when our reporting entities fail to meet their obligations. 

Proposed reforms 

The assessments also identify services and industries that are vulnerable to criminal exploitation and sit outside of the current AML/CTF framework. The Australian Government has proposed reforms to simplify this framework and extend it to certain services. These include those provided by lawyers, accountants, trust and company service providers, real estate agents and dealers in precious metals and stones.

More information

To find out more about the proposed reforms to the AML/CTF laws, visit the AUSTRAC website. 

You can watch AUSTRAC’s CEO and the Attorney-General address the National Press Club of Australia about the risk assessments and the proposed reforms. 

You can also learn more about your AML/CTF obligations and read our other risk assessments on our website.