Australia - FATF

Apr 1, 2015 - April 2015. Anti-money laundering and counter-terrorist financing measures. Australia. Mutual Evaluation Report ..... Recommendation 30 – Responsibilities of law enforcement and investigative authorities . ..... Under the new AML/CTF regime, the preventive measures' requirements have been brought ...
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Anti-money laundering and counter-terrorist financing measures

Australia Mutual Evaluation Report April 2015

The Financial Action Task Force (FATF) is an independent inter-governmental body that develops and promotes policies to protect the global financial system against money laundering, terrorist financing and the financing of proliferation of weapons of mass destruction. The FATF Recommendations are recognised as the global anti-money laundering (AML) and counter-terrorist financing (CTF) standard. For more information about the FATF, please visit the website: www.fatf-gafi.org For more information about the APG, please visit the website: www.apgml.org

This document and/or any map included herein are without prejudice to the status of or soverignty over any territory, to the delimitation of international frontiers and bounderies and to the name of any territory, city or area.

Citing reference:

FATF and APG (2015), Anti-money laundering and counter-terrorist financing measures Australia, Fourth Round Mutual Evaluation Report, FATF, Paris and APG, Sydney www.fatf-gafi.org/topics/mutualevaluations/documents/mer-australia-2015.html

© 2015 FATF and APG. All rights reserved. No reproduction or translation of this publication may be made without prior written permission. Applications for such permission, for all or part of this publication, should be made to the FATF Secretariat, 2 rue André Pascal 75775 Paris Cedex 16, France (fax: +33 1 44 30 61 37 or e-mail: [email protected]). Photocredits coverphoto: ©Thinkstock

Contents EXECUTIVE SUMMARY....................................................................................................................................................5

A

Key findings......................................................................................................................................5

B

Risk and General Situation.........................................................................................................7

C

Overall level of compliance.........................................................................................................7

D

Priority actions............................................................................................................................ 10

Table 1. Effective Implementation of Immediate Outcomes................................................... 12 Table 2. Compliance with FATF Recommendations.................................................................... 18 MUTUAL EVALUATION REPORT OF AUSTRALIA................................................................................................ 27

Preface........................................................................................................................................................ 27 1. ML/TF RISKS AND CONTEXT.................................................................................................... 29 1.1 ML/TF Risks............................................................................................................................................... 29 1.2 Materiality................................................................................................................................................... 31 1.3 Structural Elements................................................................................................................................ 31 1.4 Other Contextual Factors..................................................................................................................... 31 1.5 Scoping of Higher-Risk Issues............................................................................................................. 32 2. NATIONAL AML/CTF POLICIES AND COORDINATION...................................................... 35 2.1 Background and Context....................