AUSTRAC Business Strategy 2007-2010

Contents

1.    Vision

2.    Purpose

3.    Role

4.    Values

5.    Strategic Priorities

6.    2007-10 Business Priorities

6.1  Implementing AML and CTF reform

6.2  Building community trust

6.3  Improving industry compliance with their obligations

6.4  Enhancing our intelligence capability

6.5  Delivering external education and training

6.6  Improving ourselves

6.7  Improving corporate governance, security, privacy and information management

1 Vision

An Australian community that is hostile to money laundering and the financing of terrorism.

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2 Purpose

To protect the integrity of Australia's financial system and contribute to the administration of justice through our expertise in countering money laundering and the financing of terrorism.

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3 Role

AUSTRAC's purpose is achieved through the collaborative efforts of two interdependent functions:

• AUSTRAC is Australia's anti-money laundering and counter-terrorism financing regulator; and
• AUSTRAC, as Australia's financial intelligence unit, collects, analyses and disseminates financial intelligence to revenue, law enforcement, national security and other partner agencies in Australia and overseas.

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4 Values

AUSTRAC adheres to all relevant laws and to the Australian Public Service Values and Code of Conduct, with a focus on particular characteristics that guide us in how we do business, how we relate to all of our partners and how we treat one another.

Our values are:

• Professionalism: doing the best job we can; serving our cash dealers, partner agencies and others and working together in a practical, diligent, timely, rigorous and results driven manner
• Integrity: behaving ethically; acting with honesty, loyalty and courage
• Openness: being frank, open to ideas, and accessible to our personnel and others; being transparent in our decision-making, open in communicating decisions and making information available to our personnel and others, subject to security constraints
• Fairness: ensuring people get a fair go and that all are treated equally and justly
• Innovation: suggesting changes for the better; giving new ideas due consideration
• Respect: respecting each other, our families, our partners, diverse ideas, backgrounds and cultures
• Cooperation: working flexibly and inclusively with a focus on achieving the best possible results
• Trust: building trust through behaving in accordance with our values.

By basing our work on these values, we provide high quality results that meet the expectations of the Australian Government, our people and partners.

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5 Strategic Priorities

During the next three years we will:

1. Implement the reform of Australia's anti-money laundering and counter-terrorism financing program in partnership with industry, partner agencies, government and others.
2. Build the trust of the community, industry and government in AUSTRAC as Australia's anti-money laundering and counter-terrorism financing regulator.
3. Maintain AUSTRAC's reputation as a global leader in collecting, analysing and disseminating financial intelligence.
4. Comprehensively build the capacity and capability of our workforce.
5. Demonstrate best practice in corporate governance, privacy, security, and information management.

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6 2007-10 Business Priorities

In addition to our on-going business activities, in the next three years we will focus on the following in support of our Strategic Priorities:

6.1 Implementing AML and CTF reform

1. Ensure a well managed and smooth transition to the new AML/CTF environment.
2. Contribute to the ongoing development of Australia's AML/CTF framework to meet international standards and domestic requirements.
3. Plan and implement the second tranche of AML/CTF legislation.

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6.2 Building community trust

1. Promote AUSTRAC's role as regulator in the wider community.
2. Identify whole-of-government opportunities for improved service delivery.
3. Strengthen AUSTRAC's relationships with our domestic and international partners, government and industry.
4. Reinforce transparency in our regulatory approach.
5. Provide guidance and education to regulated entities and others in respect of the AML/CTF legislation.
6. Improve the quality, quantity and timeliness of feedback to regulated entities.

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6.3 Improving industry compliance with their obligations

1. Identify, monitor and clearly understand our regulatory constituency.
2. Improve our regulatory risk assessment capability.
3. Develop streamlined, tailored solutions so as not to impose unnecessary regulatory burden.
4. Introduce innovative strategies, processes and procedures to improve compliance, supported by technology driven solutions.
5. Strengthen our enforcement capability.
6. Ensure industry complies with their obligations during the transition from the FTR Act to the AML/CTF Act.

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6.4 Enhancing our intelligence capability

1. Enhance the value of our intelligence assessments, including through identifying and developing technology driven solutions.
2. Expand AUSTRAC's access to related intelligence and information sources.
3. Enhance the appreciation of the value of AUSTRAC information to our partner agencies.
4. Improve the collection and analysis of feedback from partner agencies, international counterparts and others.
5. Continue to assist countries in SE Asia, the Pacific and elsewhere to develop and enhance the capabilities of their FIUs through mentoring, IT development, typologies and training & education programs.

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6.5 Delivering external education and training

1. Identify priorities and opportunities for education and training in consultation with regulated entities and partner agencies.
2. Develop and implement programs using a variety of tools and platforms to ensure targeted and consistent delivery of high quality education and training to external stakeholders.

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6.6 Improving ourselves

1. Build organisational capability through identifying skills gaps, and effectively recruiting, inducting, developing and retaining the best people.
2. Implement policies that promote AUSTRAC as an employer of choice, including policies to support staff in balancing their work/home life commitments.
3. Identify and develop technology driven solutions to enhance our productivity.
4. Continue to engage everyone on 'Our Journey Ahead' by clearly communicating within AUSTRAC the thinking that underpins our change management strategies.
5. Reinforce the importance of effective communication and collaboration across the organisation.

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6.7 Improving corporate governance, security, privacy and information management

1. Continuously review our corporate governance practices to ensure they accord with government expectations and support our business.
2. Strengthen our internal controls in accordance with our risk control plans.
3. Review and align our security policies and practices to ensure they accord with government expectations and our business needs.
4. Review and improve, where necessary, safeguards against inappropriate and unauthorised access to and use of AUSTRAC information.

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