Australian Transaction Reports and Analysis Centre (AUSTRAC) is an Australian government financial intelligence agency responsible for monitoring financial transactions to identify money laundering, organised crime, tax evasion, welfare fraud and terrorism financing. AUSTRAC was established in 1989 under the Financial Transaction Reports Act 1988. It implements in Australia the recommendations of the Financial Action Task Force on Money Laundering (FATF), which Australia joined in 1990. AUSTRAC's existence was continued under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) (AML/CTF Act). The AML/CTF Act came into effect on 12 December 2006, and extended the existing monitoring regime to cover terrorism financing and designated terrorist organisations. Under Division 103 of the Criminal Code Act 1995 (Cth), it is illegal to finance terrorism. The list of designated terror organisation is maintained by the Attorney-General's Department. In 2014 AUSTRAC released a report, Terrorism financing in Australia 2014, which says, "Terrorism financing poses a serious threat to Australians and Australian interests at home and abroad." More information...
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