Despite the presence of strong Anti-Money Laundering (AML) legislation and the persistent efforts of the Australian Transaction Reports and Analysis Centre (AUSTRAC) to prevent and reduce money laundering (ML), the overall private sector commitment and cooperation are both ambivalent and inconsistent. This chapter aims to assess the existing legal environment and the efforts of the AUSTRAC in preventing and reducing ML in Australia. The purpose of the AUSTRAC organizes financial companies to take action against financial crimes. AUSTRAC works to ensure that all financial corporations operate in compliance with Australia's AML regulations and those of the Financial Action Task Force (FATF). In addition, Australia's AML/CFT Act demands financial institutions to monitor accounts for suspicious activity that are possible instances of money laundering for firms. The Hongkong Shanghai Banking Corporation (HSBC) Australian branch has reported itself to Australia's financial regulator for possible breaches of anti-money laundering rules in 2019.
|Countering Terrorist and Criminal Financing Theory and Practice
|Scott N. Romaniuk, Christian Kaunert, Amparo Pamela Fabe
|Boca Raton, Fl.
|Nifer y tudalennau
|9781032366616 , 9780367551551
|Dynodwyr Gwrthrych Digidol (DOIs)
|Cyhoeddwyd - 9 Tach 2023