AUSTRAC to lead five nation coalition on ML/TF risks
AUSTRAC, Australia’s financial intelligence agency, has just become the Chair of the International Supervisors Forum (ISF) for the next term.
The ISF was established by government anti-money laundering (AML) and counter-terrorism financing (CTF) regulatory agencies from Australia, the United States, Canada, the United Kingdom and New Zealand.
The group aims to work on strengthening its domestic and international compliance programs and activities in the fight against ML/TF and other financial crimes.
AUSTRAC Director of Compliance, Richard Lee, said that criminals only recognise our borders for their gain and in pursuit of their aims to commit serious crimes.
“As part of its approach to tackling these issues, AUSTRAC and other ISF agencies met with senior US-based executives from global remittance providers Western Union, Moneygram and RIA Financial Services who all operate within ISF jurisdictions to develop solutions on transnational threats, enhanced information sharing and to develop mechanisms for future engagement,” Mr Lee said.
“Cross-jurisdictional regulatory co-operation is essential to managing the trans-national nature of ML/TF.
“This co-operation must extend beyond government agencies to the development of global public-private relationships.”