At the start of the covid-19 pandemic we raised concerns that emergency powers could be used to undermine accountability and wind back regulatory oversight.
Business Integrity
Regulation of digital currency exchanges in Australia is not as robust as it should be.
AUSTRAC has filed a very detailed claim against Westpac and it’s a damning report.
AUSTRAC has filed a very detailed claim against Westpac and it’s a damning report.
Transparency International Australia (TIA) commends AUSTRAC, Australia’s financial intelligence agency, for investigating and legally pursuing all cases of alleged breaches of the Anti-Money Laundering and Counter-Terrorism-Financing Act (AML/CTF).
To counter crime and corruption, law enforcement authorities around the world need to be able to swiftly uncover the identities of the real owners of companies.
As a go-to destination for dirty money, Australia must play its role in turning off the tap of illicit flows, often the proceeds of crime and corruption.
The Australian Government needs to address, without delay, the weaknesses in our laws and efforts to ensure Australia joins countries like the United Kingdom, United States and Canada as leaders in combatting bribery; and fully implement its commitments under the OECD Convention, including full implementation of all OECD Working Group recommendations.
Transparency International’s 2018 Exporting Corruption report found that out of 44 parties to the OECD Anti-Bribery Convention only seven countries are in the top active enforcement category and four are in the next moderate enforcement category.
Australia is a major destination of the world’s dirty money. Much of this money is flowing out of poorer countries, and into the coffers of wealthy G20 States.