A helping hand

The Australian Transactions Reports and Analysis Centre’s recent Compliance and Enforcement Policy states how it will help solicitors and cash dealers to comply with anti-money laundering regulations under the Financial Transactions Report Act 1988, and the ways in which Austrac will detect and deal with non-compliance. Emily Brayshaw outlines the Policy, and why Australia’s casinos are keen to comply.

Emily Brayshaw

Australia has often been hailed as a world leader in the fight against money laundering, with its progressive approach to electronic detection methods and policy of providing services and documentation online. Quite recently, the Australian Government announced new initiatives in creating a trusted and secure electronic operating environment for the public and private sectors. The initiatives, according to an online document from the National Office for the Information Economy (NOIE) Australia, will “enhance intelligence and response capabilities of key Commonwealth agencies; [and] raise awareness of e-security issues across the economy…”