AUSTRAC has announced that Australia has signed an agreement to share financial intelligence with Macao. “Criminals involved in money laundering, terrorism, tax evasion, drug trafficking and other serious crimes do not respect borders, so cooperation is needed between financial intelligence units and law enforcement in a range of countries,” said AUSTRAC CEO John Schmidt.
AUSTRAC said the agreement protects the confidentiality of the information exchanged and ensures that the information will only be used for the purpose for which it is communicated to the foreign jurisdiction. It also noted that, where appropriate, information will be provided to other Commonwealth, State and Territory agencies, including the ATO and the Australian Federal Police.
Source: AUSTRAC media release, 1 May 2014
[LTN 82, 2/5/14]