Financial Crime World

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Financial Crime Trends and Statistics in Austria

A recent report by the Financial Action Task Force (FATF) has highlighted several key trends and statistics related to financial crime in Austria.

Assessment Findings

The FATF assessment found that Austria has implemented most of the key Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) measures. However, there are some deficiencies in the areas of targeted financial sanctions related to terrorism and terrorist financing, proliferation, and non-profit organisations.

Areas for Improvement

  • Targeted financial sanctions related to terrorism
  • Terrorist financing offence framework
  • Non-profit organisations

Statistics

The report also highlights several statistics on financial crime in Austria:

Money Laundering Cases

  • In 2017, Austria reported 1,439 cases of money laundering, with a total value of approximately €140 million.
  • The most common type of money laundering offence in Austria is the “laundering of proceeds from predicate crimes”, which accounted for 73% of all reported cases.
  • The majority of money laundering cases (64%) were related to organised crime groups.

Terrorist Financing Cases

  • In 2017, Austria reported 15 cases of terrorist financing, with a total value of approximately €1.5 million.

Recommendations

The FATF has made several recommendations for Austria to improve its AML/CFT measures, including:

Enhancing National Cooperation and Coordination

  • Improving national cooperation and coordination among AML/CFT authorities.
  • Strengthening the confiscation and provisional measures regime.
  • Enhancing the terrorist financing offence framework.

Overall, while Austria has made significant progress in implementing AML/CFT measures, there are still areas that require improvement. The FATF recommendations provide a roadmap for Austria to further enhance its AML/CFT regime and prevent financial crime.