Pacific financial intelligence leaders have agreed to prioritise cracking down on the criminal networks moving money from the illicit drug trade.
They will also focus on scams, cyber-enabled crime and other serious and organised crime threats.
The Pacific Financial Intelligence Community (PFIC) set its priorities for the year ahead at its October plenary in Sydney. These include stronger intelligence sharing, capability development and practical cooperation against transnational financial crime.
AUSTRAC Chief Executive Officer Brendan Thomas said following illicit money generated by the drug trade was critical to disrupting organised crime across the Pacific.
“Drug trafficking generates huge criminal profits, up to $19 billion in Australia alone, and those profits need to be moved, hidden and laundered, across our economy and the region,” Mr Thomas said.
“By working together and following the money, we can identify and disrupt the networks and professional facilitators that allow drug traffickers to profit from their crimes.
“Strong intelligence sharing and regional cooperation make it much harder for criminal networks to exploit gaps between jurisdictions.”
The plenary also marked a further step in cooperation between AUSTRAC and Naoero, with the two financial intelligence units signing a memorandum of understanding to strengthen information sharing and cooperation.
“Our memorandum of understanding with Naoero puts that cooperation into practice, strengthening our ability to share information and act together against financial crime.”
The Sydney meetings also included the first in-person joint sessions between PFIC and the Pacific Supervisors’ Forum (PSF). The sessions brought together the region’s financial intelligence and regulatory leaders to discuss shared financial crime threats, regulatory challenges and opportunities for closer cooperation.
A key point of discussion was the impact of the withdrawal of correspondent banking services to the Pacific region’s banks and governments. Delegates identified initiatives to support existing efforts on this issue, including increased engagement with correspondent banks and increased consistency of regulatory practice across the Pacific region.
Pacific partners also agreed to continue working collaboratively to support the integrity and stability of the region’s financial systems and maintain access to vital banking and payment services.
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