AUSTRAC Strengthens Cooperation with FinCEN

Agencies in both countries will share information on terrorist financing and serious financial crime under a regulatory MoU.

AUSTRAC (the Australian Transaction Reports and Analysis Centre) has strengthened its alliance with FinCEN (the US Financial Crimes Enforcement Network) in the fight against serious financial crime and terrorism financing.

The heads of the two organisations signed a regulatory MoU (memorandum of understanding) at the 25th Egmont Group Plenary international conference of financial intelligence units in Sydney.

The agreement will enable both countries to share regulatory and compliance information to “strengthen the international financial system and harden industry against transnational crime,” including money laundering, terrorism financing, corruption and other serious crimes.

AUSTRAC chief executive Nicole Rose said that developing a comprehensive network of counterparts is important in combatting money laundering and terrorism financing.

“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. Because of this, we need to work together with our international partners to tackle this issue.”

AUSTRAC is also signing MoUs with the financial intelligence units of Saudi Arabia and Seychelles this week to strengthen cooperation in the exchange of financial intelligence related to money laundering, terrorism financing and other serious financial crime.

The new MoUs will add to AUSTRAC’s existing ninety 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.

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