Australia: Report on the Observance of Standards and Codes: FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism

November 20, 2006

Preview Citation

Format: Chicago

Australia: Report on the Observance of Standards and Codes: FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism, (USA: International Monetary Fund, 2006) accessed November 21, 2024

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.

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

Publication Details

Pages:

19
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2006/409
Stock No:

1AUSEA2006005
ISBN:

9781451802139
ISSN:

1934-7685

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