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.
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).
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.
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.
The volume of digital currency transactions could be in the billions of USD every 24 hours.
The TIA position is that the establishment of a Deferred Prosecution Agreement (DPA) scheme in Australia, will only be an effective tool in combating bribery and corruption if it is part of a package of reform measures, and not viewed as a ’get- out-of-jail free’ card by offending corporates.
Transparency International Australia welcomes the re-establishment of the Senate Select Committee on a National Integrity Commission, and is pleased to again support such a Commission.
From Ukraine to Tunisia and Brazil, large-scale cases of grand corruption in recent years have involved the acquisition of luxury property, vehicles and goods. This report examines the risk of luxury goods and assets being used to launder the proceeds of corruption, including in the art world and the marketplaces for super-yachts, precious stones and jewels, high-end apparel and accessories, and real estate.
In the time available, we write to affirm our support for extending AML/CTF regulation, taking a risk-based approach to a range of services provided by the legal profession that are seen to pose high ML/TF risks. We acknowledge that, in doing so, increased funding of AUSTRAC will be important to enable it to conduct the essential supervision.