It’s no surprise that our global financial system, new technologies and financial products create a challenging environment for AUSTRAC as Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) regulator.
Thank you, Attorney-General.
I acknowledge the traditional custodians of the land that we meet today, the Ngunnawal people, and pay my respects to their Elders and to their beautiful country.
It’s an honour to be here at the National Press Club to launch Australia’s latest national risk assessments on money laundering and terrorism financing.
Australia’s efforts to fight financial and serious crime have received a boost with today’s release of two national risk assessments on money laundering and terrorism financing by AUSTRAC. These risk assessments provide a collective understanding of the scale, sophistication and threat of money laundering and terrorism financing in Australia.
The Financial Action Task Force (FATF), the global group that sets international anti-money laundering and counter-terrorism financing (AML/CTF) standards, has published two recent updates relating to international ML/TF risk.
The reports provide an update on jurisdictions which may pose a risk to the international financial system:
Thank you very much, Kieran and thank you Nick for your opening remarks. Good morning, ladies and gentlemen. As Kieran said, I'm a Wiradjuri man and in the Wiradjuri language we say "marang ngarin - good morning”. Good morning, everyone.
SkyCity Adelaide Pty Ltd (SkyCity) has been ordered by the Federal Court of Australia to pay a $67 million penalty after AUSTRAC launched civil penalty proceedings against it for breaches of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act). The Court also ordered SkyCity to pay AUSTRAC’s costs at $3 million.
Today AUSTRAC released a new financial crime guide to help businesses identify and report suspicious activity related to criminal networks targeting vulnerable international students and temporary residents as money mules.
AUSTRAC and its ASEAN counterparts have wrapped up a gathering in Melbourne, agreeing to collaborate further in the fight against transnational crimes.
AUSTRAC has accepted an Enforceable Undertaking from Sportsbet Pty Ltd (Sportsbet) to uplift its compliance with Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) laws.
SkyCity Adelaide Pty Ltd (SkyCity) and AUSTRAC have filed joint submissions with the Federal Court of Australia, proposing a $67 million penalty over the casino’s contravention of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act).