Flagpost is a blog on current issues of interest to members of the Australian Parliament
On 16 February, the Financial Action Taskforce released its revised Recommendations for combating money laundering and terrorist financing, which now also cover financing of the proliferation of weapons of mass destruction. The FATF is an intergovernmental body established to develop and promote national and international policies to combat money laundering and terrorist financing. It was established in 1989 by the G7 and Australia is a founding member. With the cost of money laundering and underlying serious crime estimated to be between two and five percent of global GDP, it is important that the standards used by over 180 countries as the basis of their responses remain up to date and ref... Read more...
The Australian Transaction Reports and Analysis Centre (AUSTRAC) recently published Money Laundering in Australia 2011, a consolidated picture of money laundering activity in Australia, key vulnerabilities and emerging threats. The report is drawn from Australia's first (classified) National Threat Assessment on money laundering, produced as part of the Commonwealth Government's Organised Crime Response Plan. Every year, crimes such as drug importation, fraud, people trafficking, migrant smuggling, corruption and theft generate large amounts of money, usually in cash. Money laundering is the processing of these proceeds of crime to conceal their illegal origin -- turning "dirty" cas... Read more...
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