The Australian Transaction Reports and Analysis Centre (AUSTRAC) has entered a Memorandum of Understanding (MoU) with its counterpart in the United States, the Financial Crimes Enforcement Network (FinCEN).
The MoU is aimed at strengthening the alliance between the two organisations in the fight against serious financial crime and terrorism financing.
Chief Executive of AUSTRAC, Nicole Rose said the agreement would enable both countries to share regulatory and compliance information to strengthen the international financial system and harden industry against transnational crime.
“AUSTRAC’s comprehensive network of international counterparts is critical in the fight against money laundering and terrorism financing,” Ms Rose said.
“We recognise that financial crime is a global issue and organised crime syndicates are using increasingly sophisticated techniques and methodologies to exploit the global financial system,” she said.
“Because of this, we need to work together with our international partners to tackle this issue.”
In addition to the MoU with the United States, AUSTRAC signed agreements with the financial intelligence units of Saudi Arabia and Seychelles.
“The establishment of regular exchanges following the signing of these MoUs will foster greater understanding and information sharing between our Agencies,” Ms Rose said.
“The new MoUs will add to AUSTRAC’s existing 90 MoUs which permit the exchange of financial intelligence with international counterparts, and the three regulatory MoUs to facilitate the exchange of regulatory and compliance information,” she said.
