The global financial system, along with new technologies and financial products, presents a challenging environment for AUSTRAC, Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) regulator. As serious financial crimes continue to evolve, transnational and organised crime groups are increasingly leveraging new technologies, professional facilitators, and offshore service providers. To counter these threats and safeguard the Australian community and businesses, AUSTRAC collaborates with governments and agencies worldwide. This article highlights AUSTRAC’s key initiatives and partnerships in combating financial crimes.
Regional partners focus on transnational crimes
AUSTRAC actively participates in regional and international forums to foster collaboration and share knowledge. A recent significant event was the hosting of the Financial Intelligence Consultative Group (FICG) Plenary, attended by ASEAN counterparts, the head of the Cook Islands’ Financial Intelligence Unit (FIU), and representatives from the Japanese FIU.
The FICG aims to enhance cooperation on anti-money laundering and counter-terrorism financing. AUSTRAC Deputy CEO Intelligence John Moss, who co-chairs the FICG, emphasised the importance of cross-border collaboration. “Transnational, serious, and organised crime is borderless. If we try to prevent and disrupt it within our borders, we have no chance of success,” Moss stated.
In the coming year, the FICG will focus on developing a regional information-sharing platform and combating cyber-enabled fraud and the financing of child sexual exploitation. Moss highlighted the commitment of member countries to protecting the most vulnerable members of the community through these actions.
Financial intelligence training
In May 2024, AUSTRAC hosted participants from eight countries in Sydney for the Financial Intelligence Analysts Course (FIAC) through the Indo-Pacific Economic Framework (IPEF). This world-class course aims to build skills and capabilities to understand, detect, prevent, and disrupt financial crime.
During the one-week intensive training, participants enhanced their knowledge in collecting and analysing financial data, identifying patterns in financial crimes, and other critical areas. The course also provided an invaluable opportunity to network and establish lasting professional relationships with regional counterparts.
Global forums
As a founding member of the Egmont Group, which consists of 174 FIUs globally, AUSTRAC plays a crucial role in facilitating the secure exchange of financial intelligence and expertise to combat money laundering, terrorism financing, and related offences.
In June 2024, AUSTRAC CEO Brendan Thomas attended the Egmont Group’s Plenary in Paris, hosted by France’s FIU, Tracfin. The event, themed ‘The Next Generation FIU,’ focused on ensuring that member FIUs stay updated on emerging money laundering, terrorism financing, and predicate crime typologies, methods, and trends.
Key takeaways
AUSTRAC’s commitment to international collaboration is vital in addressing the evolving challenges of financial crime. By engaging in forums, providing training, and participating in global groups like the Egmont Group, AUSTRAC continues to enhance its capabilities and contribute to global efforts in combating money laundering and terrorism financing.
