Australia: Report on the Observance of Standards and Codes: FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism

International Monetary Fund

No 2006/409, IMF Staff Country Reports from International Monetary Fund

Abstract: The report provides a summary of the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) measures in place in Australia. It describes and analyzes those measures, and provides recommendations on how certain aspects of the system could be strengthened. Under the Financial Transactions Reports (FTR) Act 1988, cash dealers submit a range of financial transaction reports to AUSTRAC, including reports on suspicious transactions (SUSTRs) and international fund transfers. Australia’s legislative framework does not distinguish between financial institutions or specify AML/CFT obligations for financial institutions on the basis of risk. The FTR Act also applies outside Australia.

Keywords: ISCR; CR; due diligence; law enforcement authorities; cash dealer; terrorism financing offence; money laundering offence; territory level; FTR Act; STR regime; government estimate; general obligation; Anti-money laundering and combating the financing of terrorism (AML/CFT); Money laundering; Terrorism financing; Currencies; Legal support in revenue administration (search for similar items in EconPapers)
Pages: 19
Date: 2006-11-20
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