To address the detrimental impact caused by money laundering, terrorism financing, and other significant financial crimes, a robust and coordinated global approach is required. This is why AUSTRAC actively participates in numerous international organisations dedicated to combating these crimes and safeguarding our society.
This article explores AUSTRAC’s international partners as outlined on the AUSTRAC website.
Egmont Group of Financial Intelligence Units
The Egmont Group is a united body of Financial Intelligence Units (FIU) from 166 countries which provides a platform for FIUs to collaborate to fight financial crime. It’s overall goal is to strengthen information-sharing mechanisms among its members to combat money laundering, terrorist financing, and associated predicate crimes.
AUSTRAC represents Australia in the Egmont Group and collaborates with other members to explore global ML/TF trends and consider new methods to detect and disrupt financial crime.
Operational projects of the Egmont Group have considered topics such as ways to strengthen global asset recovery efforts, further disrupt professional money laundering networks, and avenues for FIUs and FinTech entities to collaborate to fight financial crime.
Financial Action Task Force (FATF)
The Financial Action Task Force (FATF) sets standards to ensure a coordinated global response to prevent money laundering and terrorist financing. It monitors countries to ensure they implement the FATF Standards fully and effectively.
The FATF identifies jurisdictions with strategic deficiencies in their anti-money laundering and counter-terrorist financing (AML/CFT) regimes. Such jurisdictions may be classified as being under increased monitoring or high-risk jurisdictions.
AUSTRAC attends Plenary sessions where the FATF outlines its upcoming priorities. There are various external drivers that influence AUSTRAC’s intelligence priorities and focus areas, which include the standards and priorities set by the FATF.
Asia/Pacific Group on Money Laundering (APG)
The Asia/Pacific Group on Money Laundering (APG) is an inter-governmental organisation, consisting of 41 member jurisdictions including Australia, focused on ensuring that its members effectively implement the international standards against money laundering and the financing of terrorism/proliferation contained in the recommendations of the Financial Action Task Force (FATF).
The APG is part of a global network of similar bodies, referred to as Financial Action Task Force-Style Regional Bodies (FSRBs). Australia is a member of the FSRB for the Asia-Pacific region, and AUSTRAC coordinates Australia’s engagement with the APG.
Global Coalition to Fight Financial Crime (GCFFC)
Established in 2018, the GCFFC unites various essential stakeholders in the battle against financial crime. Its primary objective is to combat financial crime by pinpointing significant vulnerabilities in the existing system, promoting concrete reforms in political and policy spheres, and enhancing the effectiveness of the global anti-money laundering framework.
AUSTRAC is a member of the Law Enforcement and FIU Sub-Group of the Effectiveness Working Group of the GCFFC which involves multiple FIUs, financial institutions and global law enforcement agencies.
