Australia: Report on the Observance of Standards and Codes: FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism
IMF Staff Country Reports, November 20, 2006
Source details
- Canonical URL
- Australia: Report on the Observance of Standards and Codes: FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism
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Bibliographic details
- Published: November 20, 2006
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451802139.002
Summary
- The report provides a summary of the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) measures in place in Australia.
- It describes and analyzes those measures, and provides recommendations on how certain aspects of the system could be strengthened.
- Under the Financial Transactions Reports (FTR) Act 1988, cash dealers submit a range of financial transaction reports to AUSTRAC, including reports on suspicious transactions (SUSTRs) and international fund transfers.
- Australia’s legislative framework does not distinguish between financial institutions or specify AML/CFT obligations for financial institutions on the basis of risk.
- The FTR Act also applies outside Australia.
Key findings and observations
- Cash dealers are required under the FTR Act 1988 to submit a range of financial transaction reports to AUSTRAC, including SUSTRs and international fund transfer reports.
- The legislative framework in Australia does not differentiate AML/CFT obligations across financial institutions by risk level.
- The report contains descriptive analysis of existing AML/CFT measures and targeted recommendations for strengthening aspects of the system.
Subject areas and keywords
- Subject: Anti-money laundering and combating the financing of terrorism (AML/CFT), Crime, Currencies, Legal support in revenue administration, Money, Money laundering, Revenue administration, Terrorism financing
- Keywords: Anti-money laundering and combating the financing of terrorism (AML/CFT), cash dealer, CR, Currencies, due diligence, FTR Act, general obligation, government estimate, ISCR, law enforcement authorities, Legal support in revenue administration, Money laundering, money laundering offence, STR regime, territory level, Terrorism financing, terrorism financing offence