AUSTRAC has released its annual report for 2011-12 which highlights the growing role of financial intelligence in tackling crime, including tax evasion. The report details how information sharing between AUSTRAC and the ATO contributed to 3,745 cases resulting in $252m in additional tax assessments being raised. AUSTRAC also reported that financial intelligence assisted in 973 Centrelink cases contributing to total annualised saving of $3.1m.
Source: AUSTRAC media release, 16 October 2012
[LTN 201, 17/10]