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Abstract
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.
| Original language | English |
|---|---|
| Title of host publication | Countering Terrorist and Criminal Financing Theory and Practice |
| Editors | Scott N. Romaniuk, Christian Kaunert, Amparo Pamela Fabe |
| Place of Publication | Boca Raton, Fl. |
| Publisher | CRC Press |
| Chapter | 53 |
| Pages | 649-658 |
| Number of pages | 10 |
| ISBN (Electronic) | 9781003092216 |
| ISBN (Print) | 9781032366616 , 9780367551551 |
| DOIs | |
| Publication status | Published - 9 Nov 2023 |
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Actors and Agents in Countering Terrorist and Criminal Financing: A Critical Assessment
Romaniuk, S. & Saha, A., 9 Nov 2023, Countering Terrorist and Criminal Financing Theory and Practice. Romaniuk, S. N., Kaunert, C. & Fabe, A. P. (eds.). Boca Raton, Fl. : CRC Press, p. 3-18 16 p.Research output: Chapter in Book/Report/Conference proceeding › Chapter › peer-review
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Bangladesh's Counter-Terror Financing Measures – the Sheikh Hasina Regime
Romaniuk, S. & Islam, M. S., 9 Nov 2023, Countering Terrorist and Criminal Financing Theory and Practice. Romaniuk, S. N., Kaunert, C. & Fabe, A. P. (eds.). Boca Raton, Fl. : CRC Press, p. 563-574 12 p.Research output: Chapter in Book/Report/Conference proceeding › Chapter › peer-review
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Birds of a Feather Fight Terror Together: How ASEAN Countries Tackle Anti-Money Laundering and Combatting the Financing of Terrorism Challenges
Fabe, A. P. & Romaniuk, S., 9 Nov 2023, Countering Terrorist and Criminal Financing Theory and Practice. Romaniuk, S. N., Kaunert, C. & Fabe, A. P. (eds.). Boca Raton, Fl. : CRC Press, p. 601-610 10 p.Research output: Chapter in Book/Report/Conference proceeding › Chapter › peer-review
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Chasing “Dirty Money”: Canada's Efforts to Disrupt Money Laundering in the Casino, Real Estate, and Horse-Racing Sectors
Romaniuk, S. & Fabe, A. P., 9 Nov 2023, Countering Terrorist and Criminal Financing Theory and Practice. Romaniuk, S. N., Kaunert, C. & Fabe, A. P. (eds.). Boca Raton, Fl. : CRC Press, p. 229-236 8 p.Research output: Chapter in Book/Report/Conference proceeding › Chapter › peer-review
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Civil Society Organisations and the Framing of United Nations Counter-Terrorism Financing Regulations
Akintayo, J., Njoku, E. T. & Romaniuk, S., 9 Nov 2023, Countering Terrorist and Criminal Financing Theory and Practice. Romaniuk, S. N., Kaunert, C. & Fabe, A. P. (eds.). Boca Raton, Fl. : CRC Press, p. 43-52 10 p.Research output: Chapter in Book/Report/Conference proceeding › Chapter › peer-review