With the growth of global organised crime and terrorism, the role of the Australian Transaction Reports and Analysis Centre (AUSTRAC) in combating money laundering, terrorism financing and other major crime is increasing.Money laundering is turning ‘dirty’ money into ‘clean’ funds, giving it apparent legitimacy. Conversely, terrorism is often financed through initially clean funds, however the links to other forms of criminality are very evident. Recently it was estimated that around $4.5 billion was laundered in and through Australia each year. Australia’s anti-money-laundering (AML) and counter-terrorism financing (CTF) program is dependent on two inter-related concepts: knowing your customer and use of intelligence from financial transactions.
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