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Examples of IFTI reporting for casinos
When licensed casinos are involved in an international funds transfer (IFTI), they must submit an international funds transfer instruction (IFTI) report to AUSTRAC. An IFTI is an electronic…
AUSTRAC reveals overseas investment scam defrauding Australians
Summary
Romanian authorities became suspicious of a man in Australia who was transferring millions of dollars to a business in Romania. They asked AUSTRAC to investigate the man’s financial…
AUSTRAC links Australian assets to suspects wanted for crimes in China
Summary
Following requests for information from our Chinese counterpart, and law enforcement agencies in Australia and China, AUSTRAC identified a complex international money laundering scheme run…
International crime-fighting effort smashes global money laundering network
Summary
An investigation into a complex international money laundering operation led to arrests in Australia, India and the UK, and the deregistration of several Australian remittance service…
Suspicious deposits lead to arrests and frozen bank accounts
Summary
As part of an investigation into criminal networks laundering money in Western Australia, AUSTRAC and WA Police identified two offenders who were depositing and receiving large amounts of…
Business owner jailed for ‘phoenixing’ to avoid tax
Summary
AUSTRAC’s financial intelligence helped authorities convict a business owner who was carrying out illegal trading known as ‘phoenixing’ to evade company tax and fund his lifestyle and…