In 2015 the Financial Action Task Force (FATF) assessed the effectiveness of Australia’s Anti Money Laundering and Counter Terrorism Financing regime. The April 2015 report suggested more enforcement action. This may have prompted AUSTRAC’s investigation into the Commonwealth Bank. Read more
Perspectives of an ex Federal Prosecutor who is familiar with Mossack Fonseca on likely responses of Australian authorities (ATO, AFP) to the Panama Papers. Read more
Australia has recently undergone a Financial Action Task Force (FATF) evaluation. A recent Radio National program considers AUSTRAC’s emphasis on education rather than regulation and enforcement and analyses its effectiveness. Read more
Are you prepared for the new AML/CTF compliance obligations? Click to read more. This is a useful summary of changes to the customer due diligence requirements of the AML/CTF Rules. The changes come into effect from 1 June 2014 however an implementation period applies until 1 January 2015.
In addition to civil penalties, failure to report a suspicious matter can also expose a reporting entity to a criminal prosecution for money laundering. Read more