Publications What is Money Laundering? The goal of a large number of criminal acts is to generate a profit for the individual or group that carries out the act. Money laundering is the processing of these criminal proceeds to disguise their illegal origin. This process is of critical importance, as it enables the criminal to enjoy these profits without jeopardising their source.
The report presents a consolidated picture of current money laundering — the indicators and activities involved, the sectors and professions which are vulnerable, a range of new threats which are emerging, and the general framework of regulations and actions necessary to identify and prevent this crime.
By contributing to greater public and industry knowledge about money laundering, this report better positions government, industry and the community to work together to develop and strengthen preventative strategies against money laundering and the critical risk which it poses to Australia.
It does this in two ways: Background A critical risk to Australia Money laundering is one of the three critical organised crime risks to the Australian community identified in the classified Organised crime threat assessment and articulated in the unclassified and published Organised crime in Australia Both of these reports were developed by the Australian Crime Commission, the Commonwealth agency established to combat serious and organised crime.
Money laundering is considered a critical risk because it enables serious and organised criminal activity, it can undermine our financial system and economy and it can corrupt individuals and businesses.
Based on the Organised crime threat assessment, combating money laundering is a priority under the Commonwealth Organised Crime Strategic Framework. The Framework provides a united strategic direction for all agencies with responsibility for combating organised crime and sets the objectives for the Commonwealth Organised Crime Response Plan.
A global issue The global nature of money laundering is reflected in the July Global money laundering and terrorist financing threat assessment which was produced by the Financial Action Taskforce FATF based on input from experts from across the globe.
SinceFATF has led international efforts to counter the abuse of the international financial system by criminals. It brings together, for the first time, the law enforcement, intelligence and regulatory aspects of the money laundering picture into a single public resource.
Together, these reports illustrate the complexity of, and interrelationships between, serious and organised crime and money laundering in Australia and the steps being taken to combat these threats and related harms to our society.
The plan identifies the production of a national threat assessment as a key priority to enhance understanding of the specific threats to Australia posed by money laundering. The NTA also responds to international interest in money laundering threat assessments.
As a founding FATF member, Australia has been a leading contributor to the international effort to develop and adopt measures to combat money laundering and terrorism financing. Many agencies contributed to the NTA. Other Commonwealth, state and territory agencies were consulted and provided information.
Information from international law enforcement partners also informed the NTA. The result is a consolidated picture of the current money laundering environment in Australia, at a more detailed level than is possible in broader assessments such as the Organised crime threat assessment.
It draws on operational intelligence where available to assess levels of money laundering activity, vulnerabilities and emerging threats. The NTA is intended as the first in a series of regular NTAs which will track developments and emerging issues in the money laundering environment.
This NTA series will contribute to the broader Organised Crime Strategic Framework by building a more comprehensive understanding of the money laundering dimension of the organised crime intelligence picture.
The FTR Act imposes several obligations on cash dealers. Solicitors must report significant cash transactions of AUD10, or more. This includes services such as opening or transacting on an account, accepting an electronic funds transfer instruction and exchanging money for gaming chips or tokens.
These include identification and verification of customers, conducting ongoing customer due diligence, record-keeping obligations, reporting of suspicious matters, threshold transactions cash or e-currency transactions of AUD10, or more and IFTIs.
Money laundering in Australia Why do criminals launder money? Money laundering is a critical risk to Australia.
It is the common denominator of almost all serious and organised criminal activity. Criminals generate profits from illegal activities such as fraud, drug trafficking, tax evasion, people smuggling, theft, arms trafficking and corrupt practices.
Money laundering involves processing illicit profits in ways which mask ownership and make the funds appear to have come from legitimate sources. This enables criminals to hide and accumulate wealth, avoid prosecution, evade taxes, increase profits through reinvestment, and fund further criminal activity, including terrorism.
Often, money laundering is a transnational crime. This international dimension creates opportunities for criminal networks and presents complex challenges for Australian law enforcement and regulatory agencies.Typologies work is the study of methods, techniques and trends of money laundering and terrorist financing.
The APG undertakes detailed and relevant typologies research to better understand the money laundering and terrorist financing environment in the Asia/Pacific region.
Money laundering is the act of concealing the transformation of profits from illegal activities and corruption into ostensibly "legitimate" assets. The dilemma of illicit activities is accounting for the origin of the proceeds of such activities without raising the suspicion of law enforcement agencies.
What is Money Laundering? The goal of a large number of criminal acts is to generate a profit for the individual or group that carries out the act. Legitimization (washing) of illegally obtained money to hide its true nature or source (typically the drug trade or terrorist activities).
Money laundering is effected by passing it surreptitiously through legitimate business channels by means of bank deposits, investments, or transfers from one . Know Your Customer Procedures PREFACE Money Laundering is the process of concealing financial transactions to make illegitimate money, derived from illegal activities such as embezzlement/.
The scope for financial crime has widened with the expansion and increased integration of financial markets. Money laundering, terrorism financing and tax crime have all changed in both nature .