To combat money laundering, terrorism financing (ML/TF) and other serious financial crime a powerful global response is needed. That is why AUSTRAC is a member of several international organisations that work to combat the harm these criminals cause our community.
Since May 2022, the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned two virtual currency mixers in an effort to combat money laundering and terrorism financing.
Financial crime guides are designed to help your business identify and stop criminal activity. These guides provide you with patterns and indicators to understand, identify and report suspicious financial activity for a range of serious and organised crimes.
The Reporting Entity System Transformation (REST) program has recently undertaken a series of workshops with participants of the Customer Advisory Group on the AUSTRAC Online user interface.
The workshops involved 67 participants, from 37 reporting entities from across 15 different industry groups who each provided feedback of their experience using AUSTRAC Online.
The high intrinsic value of bullion allows it to be used by criminals to store and invest the proceeds of crime. Criminals target bullion dealers to launder illicit funds and evade taxes, and facilitate crimes including fraud, scams and drug trafficking.
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:
AUSTRAC has ordered the appointment of an external auditor to Gold Corporation under section 162 (2) of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act).
Australia’s anti-money laundering agency AUSTRAC is hosting the inaugural Pacific Financial Intelligence Analyst Course which commences at the Australian National University (ANU) today.
AUSTRAC and the Nigerian Financial Intelligence Unit (NFIU) have signed a Memorandum of Understanding (MOU) for the exchange of financial intelligence.
Under the MOU, both countries will cooperate in the exchange of information related to money laundering and terrorism financing.
Legislative changes introduced in 2019 made it a crime to possess a child-like sex doll, arming investigative agencies with the powers to charge and prosecute offenders. Child-like sex dolls are anatomically correct, life-size dolls made to look like pubescent and prepubescent children.