New steps to tackle dirty money: Minister launches AUSTRAC's tools for industry
11 December 2007
A fresh chapter in Australia's crack-down on 'dirty money' begins tomorrow, the newly-appointed Minister for Home Affairs, the Hon. Bob Debus MP, said today.
Tomorrow, the most significant provision of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (the AML/CTF Act) comes into effect: the requirement for reporting entities (businesses in the financial, bullion and gambling sectors such as banks, casinos and TABs) to implement an anti-money laundering/counter-terrorism financing (AML/CTF) program.
Money laundering is the processing of criminal profits to disguise their illegal origin. It enables crime lords to live the high life and enjoy the proceeds of their criminal activities.
A recent report estimates money laundering and proceeds of crime in and through Australia are about $4.5 billion per year.
"Australia established its anti-money laundering system in 1988," said Minister Debus. "But with globalisation and advanced technology, transnational crime syndicates and global terror networks now have new opportunities by which they can exploit legitimate businesses to conceal dirty money."
"Australia has had to take strong measures to address these risks."
The Minister today launched a suite of tools to assist reporting entities to meet their new obligations.
"These tools are designed to help businesses understand money laundering and terrorism financing impacts, and meet their obligations. The aim is to work in partnership with industry and implement Australia's AML/CTF reform strategy together," said Minister Debus.
Implementation of the AML/CTF Act has been staggered over two years to give industry more lead time to make changes to IT, risk management, customer identification and other business systems.
The tools developed by the Australian Transaction Reports and Analysis Centre (AUSTRAC) are:
- AUSTRAC Online, an information portal to help with lodging compliance reports
- AUSTRAC Regulatory Guide, a guide to assist reporting entities understand their obligations under the law
- AUSTRAC Typologies and Case Studies Report 2007, which provides an inside perspective on current money-laundering and terrorism-financing methods and indicators
- Introduction to AML/CTF, the first course in AUSTRAC's AML/CTF e-learning program.
AUSTRAC's Chief Executive Officer, Mr Neil Jensen said, "The tools are just one aspect of the education program AUSTRAC has embarked on since the first tranche of the AML/CTF program was introduced. They follow on from the release of a range of Guidance Notes, Rules, policies and a Self Assessment Questionnaire issued by AUSTRAC throughout this year. The aim of all of this work is to secure Australia's financial system and its people by combating the financing of crime."
AUSTRAC launch fact sheets
File size 670kb
Fact sheets on AUSTRAC's work, including case studies, are also available at www.austrac.gov.au/annual_report.html
Media enquiries only: Kim Hargest on 03 8636 0553
or 0418 103 107
General enquiries: AUSTRAC's Help Desk on 1300 021 037
