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Money Laundering in A Changed World

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Australia has adopted the FATF’ s 40+9 Recommendations and additional measures reflecting regional factors. These measures are contained in the ‘ Proceeds of Crime Act 1987’ , the ‘ Mutual Assistance in Criminal Matters Act 1987’ , and the ‘ Financial Transactions Reports Act 1988.’ The ‘ Australian Federal Police (AFP)’ is the main law enforcing body. The ‘ Australian Crime Commission (ACC)’ was set up to tackle money laundering. The primary financial intelligence body is ‘ The Australian Transaction Reports & Analysis Centre (AUSTRAC)’ which oversees compliance to AML measures. Australia’ s AML program concentrates on cash transactions against the backdrop of known methods used by money launderers.

It is a crime to give or receive funds related to terrorism. Assets of those linked with terrorism are frozen (up to 2004, Australia has frozen assets of more than 500 persons). Financial institutions must compulsorily inform AUSTRAC about any transactions worth A. $ 10,000 or more, instructions of all international fund transfers in or out of Australia, and transactions that arouse suspicions about their financial integrity. FATF’ s 1996 mutual evaluation found the Australian system to be in full conformity with its 40+9 Recommendations – proof that Australia has an exemplary AML system.

The United States, being a global financial center is a vital benchmark for AML policies and elaborate plans of action. 28 It has the most powerful AML system in the world, based on a broad spectrum that applies to much more than cash and drug trafficking money. The U. S Patriot Act designates the smuggling of cash in or out of the U. S as a federal crime. Persons indicted for money laundering crimes face up to 20 years in prison and $ 500,000 in fines.

Banks send reports compulsorily to the U. S Treasury Department’ s ‘ Financial Crimes Enforcement Network (finCEN)’ . In 2004, 15 million reports were sent, U.S banks had to pay $ 10 million in 1998 due to AML violations; 32 over 1,500 money laundering convictions took place in 1998.

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