Australian research examines money laundering and harm from organized crime

[Pelican Press 0]

This is the hidden content, please

• Sign In
• or
• Sign Up

*********** research examines money laundering and harm from organized ******

data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///ywAAAAAAQABAAACAUwAOw==

Suspicious matter reports linked to individuals on the NCTL, by reason for suspicion (%). Credit: (2024). DOI: 10.52922/sp77628

Research by the *********** Institute of Criminology (AIC) and the *********** Transaction Reports and Analysis Centre (AUSTRAC) provides clear evidence of the close connection between organized ****** and money laundering, and the significant harm this is causing to the *********** community.

The work is

This is the hidden content, please

• Sign In
• or
• Sign Up

by the *********** government.

Money laundering is the life blood of organized ******—exploiting Australia’s financial system and property market and costing the economy billions of dollars every year.

The research, undertaken as part of a collaborative project between the AIC and AUSTRAC, reinforces the need for the Albanese Government’s commitment to extend Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) regime to cover the “tranche two” entities being exploited by ********* groups.

The report analyzes the link between money laundering and organized ******, using data on organized ****** groups known to law enforcement from the *********** ********* Intelligence Commission and suspicious transactions reported to AUSTRAC.

The research finds that larger amounts of money are being laundered through the real estate and gambling sectors, relative to other sectors.

It also finds that when organized ****** groups include professional facilitators among their membership—tranche two entities such as lawyers, accountants and real estate agents—they are more likely to be involved in money laundering and with larger sums involved.

The report shows that ********* groups involved in money laundering are responsible for more than twice as much ******-related harm as groups not involved in money laundering. Every year a ********* group is able to launder money increases the ******-related harm it causes to the community by nearly 50%.

It confirms that reducing the amount of money laundered by organized ****** groups would significantly limit their ability to reinvest illicit funds in future ********* enterprises.

Australia must remain vigilant and harden our businesses against exploitation. The *********** Government is committed to strengthening our anti-money laundering regime through these reforms which are critical in protecting Australians and our economy from the impact of transnational, serious and organized ******.

We intend to expand the regime to certain services, provided by “tranche two” entities, including lawyers, accountants, trust and company service providers, real estate agents and dealers in precious metals and stones.

We also intend to modernize the AML/CTF Act to ensure it keeps pace with the increasingly digital, instant nature of our global financial system—closing those gaps that we know increasingly sophisticated, professional ********* organizations can exploit.

And we demonstrated our commitment to this action in this year’s Budget, committing $166.4 million to implement these overdue proposed reforms. This investment will enable AUSTRAC to implement the new simplified and expanded regime, including delivering comprehensive education and guidance to support tranche two businesses.

More information:
Anthony Morgan, Money laundering and the harm from organised ******: Results from a data linkage study, (2024).

This is the hidden content, please

• Sign In
• or
• Sign Up

Provided by
*********** Institute of Criminology

Citation:
*********** research examines money laundering and harm from organized ****** (2024, September 9)
retrieved 9 September 2024
from

This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no
part may be reproduced without the written permission. The content is provided for information purposes only.

This is the hidden content, please

• Sign In
• or
• Sign Up

#*********** #research #examines #money #laundering #harm #organized #******

This is the hidden content, please

• Sign In
• or
• Sign Up

This is the hidden content, please

• Sign In
• or
• Sign Up