The Federal Minister for Justice, Michael Keenan, Wed 4.12.2013 announced a review of Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) laws.
Mr Keenan said that transaction information provided under AML/CTF laws is vital for following the money trail to crack down on serious and organised crime groups, such as Outlaw Motorcycle Gangs, profiting from illegal activities. He said in 2012-13, regulated business submitted more than 84 million transaction reports to the Australian Transaction Reports and Analysis Centre (AUSTRAC).
Mr Keenan said AUSTRAC’s typologies and case studies report 2013, released today, demonstrated the value of reporting financial transactions and suspicious matters. The 2013 report includes examples of crimes such as money laundering, drug trafficking, child exploitation, fraud and tax evasion.
Terms of reference for the review and an Issues Paper which outlines key areas for consideration are available on the Attorney-General’s Department website. The 2013 typologies and case studies report is available from AUSTRAC.
The Attorney-General’s Department is responsible for the review. The Minister said a report is expected to be provided to him in 2015 and will be tabled in Parliament.
SUBMISSIONS on the review close on 28 February 2014.
[LTN 235, 4/12/13]