Anti-Money Laundering and Counter-Terrorism Gets $166 Million in Funding

Published on May 6, 2024

The Australian government is allocating $166.4 million (US$110 million) of budget funding to improve the country’s anti-money laundering and counter-terrorism financing (AML/CTF) scheme. Australia has been seemingly charting its course toward becoming a sanctuary for financial crime as it continues failing to safeguard its citizens from the adverse impacts of money laundering for nearly a decade. The budget will allow the Australian Transaction Reports and Analysis Centre (AUSTRAC) to deliver comprehensive education and guidance to help businesses and entities, especially newly regulated ones. AUSTRAC is tasked with constraining illegal financial activities and enforcing tranche-two entities—lawyers, accountants, real estate agents, trust and company service providers, and precious metals and stones dealers—to perform their due diligence on reporting suspicious transactions....

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