AUSTRAC, on Tue 29.10.2013, released its 2012-13 Annual Report. It was tabled in Parliament on Tue 29.10.2013 out of session. It showed a significant increase in international funds transfers during 2012-13.

AUSTRAC said it received more than 84 million financial transaction reports from Australian businesses during 2012-13. This total includes almost 80 million reports of international funds transfers into and out of Australia, with a total value of more than $3.5 trillion.

AUSTRAC CEO John Schmidt said that using financial intelligence to follow the illicit money trail was crucial to combating contemporary criminal threats. He said that in 2012-13, AUSTRAC’s national and international partners used AUSTRAC information to uncover a wide range of criminal activities, including professional money laundering syndicates, people smuggling, tax evasion, drug trafficking and investment fraud.

The ATO used AUSTRAC data to identify suspected tax avoidance, including the abuse of overseas tax and secrecy havens. AUSTRAC information contributed to 1,428 ATO cases during the year, resulting in $572m in taxation assessments being raised.

[LTN 209, 10/13]