Financial Crime World

What is Money Laundering in Australia?

Money laundering is a serious criminal offence in Australia, punishable under the Criminal Code Act 1995 (Cth) and state and territory legislation. The Australian Federal Police (AFP) collaborates with state and territory police services, as well as international law enforcement agencies, to combat this crime.

Operation Avarus: The AFP’s National Anti-Money Laundering Strategy

The AFP’s national anti-money laundering strategy is Operation Avarus, which involves Taskforce Avarus, a specialized unit that investigates the most serious money laundering cases. This taskforce partners with:

  • Australian Criminal Intelligence Commission
  • Australian Border Force
  • AUSTRAC (Australian Transaction Reports and Analysis Centre)

International Cooperation

Australia is a member of several international organizations aimed at combating money laundering and financial crime, including:

  • Asia/Pacific Group on Money Laundering
  • Financial Action Task Force

Through these memberships, Australia plays a key role in global policy development, research, and analysis.

The Importance of Combating Money Laundering

Money laundering is a major concern for law enforcement agencies around the world, as it often funds serious and organized crime. The AFP works to disrupt and investigate these criminal networks by targeting:

  • Their finances
  • Communications
  • Operations
  • Logistics

Criminal Assets Confiscation Taskforce (CACT)

The AFP leads the CACT, which aims to identify and remove profits from serious and organized crime. This taskforce collaborates with several government agencies, including:

  • AUSTRAC
  • Australian Border Force
  • Australian Tax Office

Counterfeit Currency Cases in Australia

In addition to its work on money laundering, the AFP is responsible for investigating counterfeit currency cases in Australia. State and territory police can seize and prosecute suspected counterfeit currency, while the Reserve Bank of Australia examines suspected counterfeit paper money.

Conclusion

The AFP’s efforts to combat money laundering are critical to disrupting and dismantling serious and organized crime networks in Australia. By targeting their finances and assets, law enforcement agencies can take the profit out of these crimes and make it harder for criminals to operate.