Australia's international financial intelligence network continues to expand
30 May 2008
AUSTRAC this week took significant steps in expanding its global reach by adding four more countries to its international financial intelligence network.
At an Egmont Group meeting this week in Seoul, Korea, AUSTRAC signed memoranda of understanding (MOU) with the financial intelligence units (FIUs) of the Czech Republic, Germany and Mexico, as well as St Kitts and Nevis. Bringing the total number of countries with which Australia has MOUs to 53, these memoranda allow Australian law enforcement and other Government agencies to receive vital financial intelligence from these countries via AUSTRAC.
AUSTRAC is an active member of the Egmont Group of Financial Intelligence Units, which consists of 106 FIUs and encourages international cooperation. AUSTRAC Chief Executive Officer Neil Jensen said, 'The sharing of financial intelligence with other countries strengthens Australia's ability to detect and prosecute money laundering and other serious crimes such as drug trafficking and fraud.'
'Through globalisation and the increasing use of advanced technology, transnational crime syndicates now have new opportunities by which they can exploit legitimate businesses to conceal dirty money. International cooperation is needed to combat this heightened threat', Mr Jensen said. 'The signing of these MOUs is an important step in further developing a global network to track the proceeds of crime.'
AUSTRAC works bilaterally with its international counterparts to detect and prevent money laundering and the financing of terrorism. AUSTRAC holds MOUs with many European countries, Canada, the United States, Indonesia, Malaysia, the Philippines, Hong Kong, Singapore, Japan, South Korea, Brazil, Argentina, and Chile.
The ability to exchange financial intelligence with overseas FIUs significantly supports Australian law enforcement agencies. For example, AUSTRAC was involved in the Australian Crime Commission's successful Task Force Gordian which investigated the money laundering activities of several Asian crime syndicates. This investigation resulted in 64 prosecutions for money laundering, narcotics trafficking and related offences.
About AUSTRAC:
The Australian Transaction Reports and Analysis Centre (AUSTRAC) fights global crime by protecting the integrity of the Australian financial system. AUSTRAC is a world-renowned and respected financial intelligence unit and is Australia's anti-money laundering and counter-terrorism financing regulator.
Media enquiries:
Ismene Kongos
Telephone +61 3 8636 0577
Ismene.Kongos@austrac.gov.au
