AUSTRAC publishes typologies and case studies to:
- share knowledge with the private sector particularly reporting entities about the types of activities that criminals will undertake to move and launder illicit funds
- assist the business sector by highlighting indicators and potentially suspicious customer behaviour
- demonstrate the importance and value of the reporting requirements in combating
- money laundering, financing of terrorism and other serious and organised crime
- illustrate how reports of financial transactions, international money transfers and suspicious matters have contributed to criminal convictions.
Identification is removed from the cases for security and privacy reasons.
The 2013 report includes 23 real-life case studies showing how legitimate services offered by Australian businesses have been exploited for criminal purposes, including for drug trafficking, child exploitation, fraud and tax evasion. By highlighting past examples of criminal activity, the report educates businesses on their money laundering and terrorism financing risks and helps them recognise and mitigate these risks.
Some examples in the 2013 report:
International trade:
- trade based money laundering (TBML) is a complex money laundering method, often simultaneously involving a number of money laundering methods
- international business activity that might include legitimate activity but also fictitious invoicing, phantom shipments and other illegal activity
- money laundering usually involves an international element.
Gold bullion:
- gold bullion has a high intrinsic value, it can be purchased anonymously or with fraudulent identities, and it can be melted down and disguised as other metal items
- it can be moved across borders.
Link to the detailed report: click here