AUSTRAC continues to stamp out rogue remitters
AUSTRAC has cancelled the registration of two money transfer businesses as it is satisfied that their registrations involve a significant money laundering risk.
Sydney-based Moazo Pty Ltd (Moazo) was found to have facilitated the ongoing remittance operations of KMT Sydney Pty Ltd, a former independent remitter the registration of which was cancelled by AUSTRAC in July 2014.
In addition, the registration of Canberra-based independent remitter Billion Trend Forex Pty Ltd (Billion Trend) was cancelled after this entity came to the attention of AUSTRAC through Operation Zanella, the Australian Federal Police (AFP) investigation into a sophisticated transnational money laundering network.
Operation Zanella identified an extensive alternative remittance service network involved in laundering millions of dollars on behalf of serious and organised crime.
AUSTRAC CEO Paul Jevtovic said that the financial sector and the Australian community should be assured that AUSTRAC continues to place a priority on cleaning up the remittance industry.
"We will not tolerate the conduct of entities such as Moaza and Billion Trend, and will act swiftly to take the necessary action to remove them from the industry.
"We will continue to work with with the AFP and other law enforcement agencies to address risks associated with money laundering for the benefit of the community as a whole."
AUSTRAC is actively considering the registration status of a number of other entities and will continue to take action against businesses that present undue money laundering or terrorism financing risk.
Since the AUSTRAC Remittance Sector Register was established in November 2011:
- eight entities have had their registration cancelled , including Billion Trend and Moaza
- seven entities have been refused registration
- 17 entities have had conditions imposed on their registration
- two entities have been suspended from the register.
It is an offence for Moaza and Billion Trend to provide a designated remittance service.
Attribution: AUSTRAC CEO Mr Paul Jevtovic APM
Available for interview: AUSTRAC CEO Paul Jevtovic.
Issued by AUSTRAC Stakeholder Relations:
- Telephone: +61 3 8636 0588
- Email: email@example.com
The remittance sector register is available online.
AUSTRAC (Australian Transaction Reports and Analysis Centre) is Australia's anti-money laundering and counter-terrorism financing regulator and specialist financial intelligence unit. AUSTRAC works with law enforcement and other agencies to protect the integrity of the Australian financial system and fight serious crimes such as drug trafficking, tax evasion, fraud and people smuggling.
Further information about AUSTRAC is available on our Media centre page.