The Financial Accountability Regime (FAR), recently established by the long-awaited Financial Accountability Regime Act 2023 (Cth) (the Act), will come into effect for the banking industry in March 2024, and…
Read more
Fool’s Gold: GST and Precious Metals Fraud
It has been two years since ACN 154 520 199 Pty Ltd (in liq) v Federal Commissioner of Taxation (2020) 282 FCR 455; [2020] FCAFC 190 (EBS & Associates) and…
Read more
Cashless is King for the Banks, Not Financial Crime Control
There have been several advocates, particularly post-pandemic, for a cashless Australian society (if not world). Motivations for a cashless society are not limited to the control of financial crime of…
Read more
Controlling the Rise of Financial Crime During the Pandemic: What has Changed?
Fraud and cybercrime are on the rise as organised crime schemes are forced to diversify in the changing face of the pandemic.
Read more
Once-in-a-Decade Opportunity to Improve NZ’s Anti-Money Laundering Regime
Ahead of the Anti-Money Laundering Online Conference, Gary Hughes examines the Statutory Review of New Zealand’s AML/CFT regime.
Read more
The Beat Goes On: AML Non-Compliance May Be Widespread
NAB, Crown Melbourne, SkyCity Entertainment and Star Entertainment Group recently reported that they had been referred to AUSTRAC’s enforcement team.
Read more
Ownership Versus Control: When Anti-Money Laundering Programs Miss the Point
AML/CTF programs should be developed to ensure they consider the criminal activities of individuals who control the money, not just own it.
Read more
Anti-Money Laundering Court Case Hones in on Individual Actors
The Department of Internal Affairs (DIA) is one of three Anti-Money Laundering regulators in New Zealand. Last month, the DIA’s 5th major High Court case moved towards a conclusion, and it confirms an increasing trend to keep individuals on the hook for compliance failings.
Read more
High Court Confirms ‘Cuckoo Smurfing’ Alive and Well
There is now no doubt that sophisticated and modern variations of ‘cuckoo smurfing’ are caught by the Proceeds of Crime Act 2002, Thomson Reuters Author, Dr Mathew Leighton-Daly, demonstrates in this article.
Read more
Then Tabcorp, Now Afterpay: Who Will AUSTRAC Turn to Next?
The Australian Transaction Reports and Analysis Centre (AUSTRAC) is well known as Australia’s financial intelligence agency. It was perhaps not as well known for its regulatory responsibility – at least…
Read more