Financial Crime World

Financial Crime Enforcement Agencies in Australia Take Aim at Money Laundering and Serious Organised Crime

In Australia, financial crime enforcement agencies are working together to combat the growing threat of money laundering and serious organised crime. The Australian Federal Police (AFP) is leading the charge, with its national anti-money laundering strategy Operation Avarus and Taskforce Avarus, which investigates the most serious cases of money laundering.

Collaboration and Partnerships

The AFP works closely with:

  • State and territory police services
  • International law enforcement agencies
  • The Australian Transaction Reports and Analysis Centre (AUSTRAC)
  • The Asia-Pacific Group on Money Laundering (APG) and the Financial Action Task Force (FATF)

Money Laundering: A Threat to National Security

Money laundering is a significant threat to national security, allowing criminal organisations to hide their illegal proceeds and fuel further criminal activity. The AFP’s Operation Avarus aims to prevent this by identifying and freezing assets linked to money laundering operations.

Disrupting Serious and Organised Crime

The AFP undertakes regular operations to disrupt serious and organised crime, including:

  • Drug trafficking
  • Other illicit activities

These operations involve:

  • Forensic science
  • Intelligence gathering
  • Covert operations
  • International cooperation

Criminal Assets Confiscation Taskforce (CACT)

Led by the AFP in partnership with AUSTRAC, Australian Border Force, Australian Criminal Intelligence Commission, and Australian Tax Office, CACT identifies and removes profits from serious and organised crime. The taskforce uses a mix of:

  • Intelligence
  • Operations
  • Legal resources
  • Specialist resources

The CACT’s work includes:

  • Identifying and confiscating property gained through illegal activities
  • Restraining and prosecuting suspected criminals
  • Confiscated assets are banked into Australia’s Confiscated Assets Account, which funds programs and activities aimed at combating crime in the country.

The AFP is also responsible for investigating and prosecuting currency-related matters, including:

  • Counterfeit notes

The agency works closely with the Reserve Bank of Australia to examine suspected counterfeit paper money, and state and territory police can also seize and prosecute such cases.