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Australian government to combat financial crime

Source: Asia Insurance Review | Apr 2017

Australia has strengthened the international fight against terrorism financing and money laundering via a new public and private sector alliance launched last month.
 
   The Fintel Alliance comprises 19 partners including Australia’s financial intelligence agency AUSTRAC, the Australian Federal Police, New South Wales Police, the Australian Tax Office, major banks, Western Union and PayPal, and is described as the first “true public-private partnership of its kind in the world”, said a statement from Mr Michael Keenan, Justice Minister and Minister assisting the PM for counter-terrorism. 
 
   There are also intended collaborations with international entities. The UK financial intelligence unit has joined the Alliance, and AUSTRAC is in discussions with other potential international partners. 
 
   The Australian government is also working on building talent to combat cyber-crime. AUSTRAC has created a Financial Intelligence Analyst Course that will produce highly-specialised analysts to hunt down financial criminals in Australia, described as the world’s first university accredited course that specialises in the analysis of financial intelligence. Already some state law enforcement agencies are taking part in a pilot course, and the first of many tertiary accredited courses will be rolled out later this year.
 
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