Financial Crime World

Financial Crime Investigation Process in Australia Under Scrutiny as Authorities Crack Down on Money Laundering and Serious Organised Crime

The Australian Federal Police (AFP) has launched a nationwide anti-money laundering strategy, Operation Avarus, aimed at dismantling criminal organisations and disrupting their finances. This initiative comes as authorities seek to combat the growing threat of money laundering and financial crime in the country.

Under the Criminal Code Act 1995 (Cth), Commonwealth money laundering offences fall under federal jurisdiction, while state and territory police services investigate similar crimes under their respective legislation. The AFP has also been granted powers to restrain assets linked to criminal activity under the Proceeds of Crime Act 2002 (Cth).

International Cooperation

In a bid to combat financial crime, the AFP works closely with international law enforcement agencies, including:

  • Australian Transaction Reports and Analysis Centre (AUSTRAC), which collects financial intelligence and regulates parts of the financial system
  • Other key partners, including the Australian Criminal Intelligence Commission, Australian Border Force, and AUSTRAC

Taskforce Avarus: A Specialized Unit for Serious Money Laundering Cases

The agency has established Taskforce Avarus, a specialized unit that investigates the most serious money laundering cases in collaboration with other key partners.

Key Partnerships

  • Australian Criminal Intelligence Commission
  • Australian Border Force
  • AUSTRAC

Strengthening Ties with International Organisations

Australian authorities have also strengthened their ties with international organisations dedicated to combating money laundering and financial crime, including:

  • Asia-Pacific Group on Money Laundering (APG)
  • Financial Action Task Force (FATF)

Global Watchdog for Money Laundering and Terrorist Financing

The FATF has played a crucial role in helping Australia prevent and interrupt such operations. By adhering to globally recognised standards, Australian authorities aim to disrupt criminal networks and dismantle their financial structures.

Tackling Serious and Organised Crime

In addition to its anti-money laundering efforts, the AFP is committed to tackling serious and organised crime, disrupting criminal organisations’ finances, communications, operations, and logistics. The agency’s strategy includes:

  • Using forensic analysis
  • Intelligence gathering
  • Covert operations
  • International cooperation

Disrupting Criminal Syndicates and Dismantling their Financial Structures

The agency works closely with other key agencies to identify and remove profits from serious and organised crime.

Confiscating Money and Assets Gained through Illegal Activities

The Criminal Assets Confiscation Taskforce (CACT) uses a range of tools, including intelligence, operations, legal, and specialist resources, to confiscate money and assets gained through illegal activities.

The agency has taken the lead in prosecuting currency-related matters in Australia, working closely with the Reserve Bank of Australia to examine suspected counterfeit paper money. State and territory police services can also seize and prosecute suspected counterfeit currency.

Conclusion

As authorities continue their efforts to combat financial crime, it remains clear that a collaborative approach is essential in disrupting criminal networks and dismantling their financial structures. With ongoing cooperation between domestic and international agencies, the AFP is well-positioned to take on the growing threat of money laundering and serious organised crime in Australia.