22 November 2016
The first ever risk assessment of money laundering and terrorism financing (ML/TF) in Australia’s superannuation sector has identified significant risks of fraud and cybercrime in the super sector and assessed the overall risk of ML/TF activity as “medium”.
Paul Jevtovic, the CEO of AUSTRAC, Australia’s financial intelligence agency, said the risk assessment is the result of unprecedented collaboration with superannuation funds, administrators, industry associations and advisers.