AUSTRAC 2006-07 Annual Report tabled in Parliament
29 October 2007
AUSTRAC has continued to provide valuable intelligence to combat major crimes such as money laundering and terrorism financing while developing its enhanced regulatory role, according to the agency's annual report tabled in Parliament today.
The report details AUSTRAC's continued efforts to provide financial intelligence to assist law enforcement, revenue, national security and social justice agencies while establishing a new regulatory program.
AUSTRAC Chief Executive Officer Neil Jensen said in 2006-07 the agency developed its capacity to fulfil an expanded regulatory role following the introduction of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act).
"At the same time we provided intelligence to assist in more than 1,500 operational matters, including high-profile investigations and operations during the year, such as the Australian Taxation Office's Operation Wickenby and the Australian Crime Commission's Task Force Gordian," said Mr Jensen.
"The value that AUSTRAC contributes can be seen in a range of prosecutions, through contributions to law enforcement investigations and in the Tax Office recovering more than $87 million which might otherwise be lost to tax evasion."
To assist the financial, gambling and bullion sectors affected by the AML/CTF Act, AUSTRAC issued 16 Rules, released a series of policies and guidance notes, and revamped its website. The agency also developed a self-assessment questionnaire to assist industry in checking their progress towards compliance.
"Our approach is one of encouraging voluntary compliance. To assist industry, AUSTRAC has rolled out a comprehensive education program nationally. This level of assistance will continue, particularly during the remaining period of the implementation of the Act," said Mr Jensen.
With the passing of the AML/CTF Act, six additional designated agencies were permitted access to AUSTRAC information. This brings the total number of designated agencies with which AUSTRAC can exchange information to 34.
In 2006-07 AUSTRAC also entered into exchange agreements with financial intelligence units from Albania, the Cayman Islands and Sweden, bringing to 49 the number of international agencies with which it exchanges information.
Copies of the AUSTRAC 2006-07 Annual Report are available from the AUSTRAC website www.austrac.gov.au.
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