10-Jul-2012: Minister for Home Affairs and Minster for Justice Jason Clare today launched a new report by Australia’s financial intelligence unit, AUSTRAC, showing how money laundering and other serious offences pose a significant threat to Australian businesses and the community.
The AUSTRAC typologies and case studies report 2012 includes 21 real-life case studies featuring an array of offences, including large-scale tax evasion, advance fee fraud and investment scams, identity theft and drug trafficking.
“These case studies show that Australia’s strong economy makes us a tempting target for transnational and high-tech crime,” Mr Clare said.
“It also confirms that when government and industry work together we can catch the criminals responsible.”
AUSTRAC analyses financial information and shares this information with a range of government law enforcement and other agencies, which has led to asset seizures and the arrest and conviction of criminals.
Case studies from the 2012 report show how AUSTRAC and its partners uncovered a range of serious offences, including:
- manufacturing companies using shell companies, cheques and secret cash payments to undertake large-scale tax evasion;
- an extensive Nigerian ‘advance fee’ fraud, where more than 20 Australian victims lost millions of dollars; and
- a criminal syndicate which stole the identities of victims to perpetrate a multi-million dollar superannuation fraud.
The report analyses two established money laundering methods, the use of cheques to launder money and evade tax and the use of third parties to carry cash across borders, as well as a number of emerging money laundering vulnerabilities.
“Authorities and Australian businesses should be alert to the potential threats posed by new payment systems, including digital currencies and virtual worlds, voucher system products and offshore online money remitters,” Mr Clare said.
“This report examines these risks, and lists a number of ways to help business and the wider community identify the possible misuse of these emerging systems.”
Link to the report: click here
Press release of AUSTRAC: click here