AUSTRAC and its Qatar counterpart, the Qatar Financial Intelligence Unit (QFIU), have today strengthened their cooperation in the fight against serious financial crime and terrorism financing.
AUSTRAC CEO, Nicole Rose PSM and QFIU Deputy Head, Mohammed Al-Mufthah, signed a Memorandum of Understanding (MoU) while attending the Counter-Terrorism Financing Summit in Manila, Philippines.
Mr Mohammed Al-Mufthah said QFIU was pleased to sign this memorandum of understanding and welcome the benefits it will provide, particularly enhanced cooperation and information sharing between the two agencies.
Ms Rose said the signing of the MOU is positive for both countries and confirms the commitment to the exchange of financial intelligence information between AUSTRAC and the QFUI.
“AUSTRAC’s comprehensive network of international counterparts is critical in the fight against money laundering and terrorism financing,” Ms Rose said.
“The signing of this MOU brings the number of intelligence sharing agreements AUSTRAC has entered into to 97 – further strengthening our international network to track illicit funds across the globe.”
AUSTRAC uses financial intelligence and regulation to disrupt money laundering, terrorism financing and other serious crime.
AUSTRAC’s dual regulatory and intelligence functions work hand in hand to protect Australia’s financial system.
Serious crime is motivated by profit, and no matter the size, almost all criminal acts leave a financial trail and AUSTRAC has the right tools and expertise to follow these trails.
Our regulatory function ensures we get high quality data and entities comply with their obligations. It requires the financial sector to put in place systems and controls that protect them from criminal abuse, while also reporting on financial transactions and suspicious activity.
This reporting provides AUSTRAC’s intelligence analysts with the information they need to identify risks and develop intelligence products that support law enforcement and national security operations and investigations.