Money laundering is a crime that puts your business and our country’s reputation and economy at risk. The Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Act 2006 ensures that businesses take appropriate measures to guard against this and the integration of dirty or criminal money into the financial system as legitimate funds.

The Anti-Money Laundering and Counter-Terrorist Financing Act 2006 (AML/CTF Act) is designed to prevent criminals from using banks, financial institutions, and other businesses to hide their ill-gotten gains. The purpose of the Act is to stop criminals from using the financial system for criminal activity, such as drug trafficking and money laundering. In this article, we’ll look at the rules you need to follow and the measures you need to put in place to achieve compliance.

For the uninitiated, money laundering is the process of making the proceeds of criminal activity appear to have been legally obtained. Simply put – it takes money that was made illegally and makes it appear legal. It is important to acquaint a business with the implications of money laundering as this financial crime negatively impacts society as well as legitimate business interests by allowing harmful criminal activity to thrive.

Money laundering and the financing of terrorism has significant implications on legitimate business interests by allowing criminal activity to thrive. When coupled with the fact that Australia has a reputation as a high-integrity and low-corruption jurisdiction, this makes the country vulnerable to abuse. This is why it becomes all the more important for businesses to put in place effective Anti-Money Laundering and Countering of Terrorism Financing compliance programmes.

As you may have learnt from our post on AML CTF Acronyms, money laundering (or “ML”) is a severe financial crime that governments globally attempt to eradicate. To recap and put it simply, money laundering is the process of taking money that was made illegally and making it appear legal.

Since Covid-19 gripped the world in early 2020, violent far-right extremists have been increasingly taking to the Internet to polarise societies, spread hate propaganda and exacerbate mistrust in public institutions – posing a new range of challenges for Australian intelligence agencies.

Confused about how to comply with the AML/CTF Act? Unsure what your obligations are as a professional or a business? Looking to get a fresh, independent perspective on your current AML/CTF risk assessment or program? Engaging the services of an adviser specialising in AML/CTF can help you understand and meet your obligations as a reporting entity. This article looks at new guidance from the AU regulator on choosing and engaging with an AML/CTF adviser.

Reviews or audits can be a headache and feel like another compliance tick box exercise and expense. But truthfully, there are more benefits to Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Review than just compliance. Find out why your company needs periodic AML/CTF Reviews/ Audits in this article.

The third method – known as trade-based money laundering (TBML) – is one of the most prevalent global money laundering strategies. As part of this, criminals take advantage of the size and complexity of trade systems, to transfer money between parties and evade authorities.