AUSTRAC and its U.S. counterpart, the Financial Crimes Enforcement Network (FinCEN), have today strengthened their alliance in the fight against serious financial crime and terrorism financing.
AUSTRAC CEO, Nicole Rose PSM and FinCEN Director, Kenneth Blanco, signed a regulatory Memorandum of Understanding (MoU) at the 25th Egmont Group Plenary international conference of financial intelligence units in Sydney.
The MoU between AUSTRAC and FinCEN will enable both countries to share regulatory and compliance information to strengthen the international financial system and harden industry against transnational crime, including money laundering, terrorism financing, corruption and other serious crimes.
AUSTRAC CEO, Ms Nicole Rose, said AUSTRAC’s comprehensive network of international counterparts is critical in the fight against money laundering and terrorism financing.
“We recognise that financial crime is a global issue and organised crime syndicates are using increasingly sophisticated techniques and methodologies to exploit the global financial system. Because of this, we need to work together with our international partners to tackle this issue.”
In addition to the MoU with the United States, AUSTRAC is this week signing MoU’s with the financial intelligence units of Saudi Arabia and Seychelles.
These MoUs will strengthen cooperation in the exchange of financial intelligence related to money laundering, terrorism financing and other serious financial crimes.
Increased collaboration with these countries, generated through future information exchanges, will add to Australia’s foreign policy engagement and enhance Australia’s international law enforcement and security interests.
“The establishment of regular exchanges following the signing of these MoUs will foster greater understanding and information sharing between our agencies,” Ms Rose said.
The new MoU’s will add to AUSTRAC’s existing 90 MoUs which permit the exchange of financial intelligence with international counterparts and the three regulatory MOUs to facilitate the exchange of regulatory and compliance information.
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