AUSTRAC 2015-16 annual report released
The AUSTRAC annual report 2015-16 highlights the agency’s achievements for the financial year, including its work with the Serious Financial Crime Taskforce (SFCT) in response to the Panama Papers, leadership in the region by hosting the first Counter-Terrorism Financing Summit in Sydney, and continued efforts in expanding its international footprint to improve exchange of information, intelligence and capabilities.
AUSTRAC CEO Paul Jevtovic said the past 12 months for AUSTRAC has been a time of significant transformation and reinvestment in the agency’s vision, capabilities and most importantly, its people.
“The annual report reaffirms the agency’s focus on adapting to the changes in the money laundering and terrorism financing environment,” Mr Jevtovic said.
“Since last year, we’ve been working with our partners in industry and government to develop and bring to life a vision for public-private collaboration that will see AUSTRAC become a global leader in the fight against money laundering and terrorism financing.”
In 2015-16, AUSTRAC received more than 78,000 suspicious matter reports (SMRs) and suspect transaction reports (SUSTRs) from reporting entities. Partner agencies conducted 906,119 online activities using AUSTRAC's database, equating to 5,000 each day, or 3.4 searches every minute.
AUSTRAC information contributed to 3,990 Australian Taxation Office (ATO) cases, resulting in $152 million in income tax assessments. This brings AUSTRAC's total contribution to tax assessment and debt collections to nearly $2.8 billion over the past 10 years.
In addition, AUSTRAC information contributed to 287 Department of Human Services cases, achieving total annualised savings of $8.3 million associated with welfare fraud.
“While the agency and I are proud of our achievements in the previous year, we can’t afford to be complacent,” Mr Jevtovic said.
“The fluid landscape in which we operate demands us to continually evolve our approaches to combating money laundering and terrorism financing risks and threats.
“Our goal into the future is to not merely ‘keep up’ with environmental and technological change; we must strive to be ahead of the curve in order to protect the integrity of Australia’s financial sector and contribute to the country’s growth and economic wellbeing.”
AUSTRAC’s 2015-16 annual report can be found on the annual reports page.