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AUSTRAC welcomes initiative to fight financial crime

AUSTRAC welcomes today’s announcement that the Commonwealth Bank of Australia (CBA) and Griffith University have established an academy to focus on financial crime.

AUSTRAC CEO, Nicole Rose, said that rapid movement of money underpinning criminal activity requires partnerships globally and across sectors.

“Financial crime types evolve, exploiting opportunities and gaps in borders, knowledge and cooperation,” she said.

“AUSTRAC congratulates CBA and Griffith University on this initiative, which will increase expertise in financial crime, and strengthen our collective capacity to ensure Australia remains resistant to these threats.”

“This initiative speaks to the importance of collaboration across sectors, and the impact that industry and academia can make when pooling expertise and resources to fight crime.”

AUSTRAC acknowledges this proactive business-led initiative, and encourages industry to continue to find creative solutions to address the risk and invest in future capability by working with government and across sectors.