It is indispensable for countries and international agencies to share and collect financial data so as to achieve efficiency in combating money laundering and terrorist financing thereby ensuring compliance. AUSTRAC plays a pivotal role through sharing intelligence information to law enforcement agencies, public private partners that detect and disrupt financial criminal activity across Australia and internationally.
AUSTRAC-the FIU (Financial Intelligence Unit) of Australia has entered into a MOU (Memorandum Of Understanding) with the FIU of UAE under which the two countries would exchange information related to suspected money laundering, terrorist financing and other such serious and organised financial crimes like tax evasion, human trafficking etc.
According to the Egmont group of financial intelligence units, the FIU s of the underlying jurisdictions are able to exchange details of suspected financial transactions globally and AUSTRAC believes its recent MOU with UAE-FIU would further magnify its AML/CFT regulatory framework. AUSTRAC and UAE-FIU would cooperate together in analysing and transmitting financial data.
Money laundering, terrorist/ proliferation financing are grave global threats that impact all nations economically and AUSTRAC has entered into many MOU s with countries and organisations across asia, latin America and Europe to exchange financial intelligence information. The MOU s signed prescribes the guidelines on what kind of financial information and the volume of information to be shared.
Author: Rajashree, MBA, CAMI
(PonSun AML Academy)