Insights / November 6th, 2018

New funding for AUSTRAC

The Minister for Home Affairs, Peter Dutton, recently announced that additional funding will be provided to the Australian Transaction Reports and Analysis Centre (“AUSTRAC”) over three years. The $5.2m will be assigned from proceeds of crime assets confiscated by the Australian Government.

The Minister’s announcement took place at the opening of the 25th Plenary of the Egmont Group, among foreign experts from other financial intelligence units like AUSTRAC. The Egmont Group is the international peak body of financial intelligence units.

The Minister emphasised the public-private partnership—the world first Fintel Alliance—between AUSTRAC and industry partners. This partnership with the private sector allows AUSTRAC to conduct deeper analysis of the risks, threats and activities arising from money laundering and terrorism financing in the banking, gambling and remittance sectors.

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