The Fintel Alliance, an AUSTRAC initiative, has today revealed its major operational results for 2018-19 in the fight against serious and organised crime.
The Fintel Alliance, is AUSTRAC’s public-private partnership that combines the expertise and skills of federal and state government intelligence and law enforcement agencies and private sector businesses to protect the Australian financial system and community from criminal abuse.
Over the past year the key achievements include:
- contributing intelligence to national taskforces, leading to the arrests of 9 of Australia’s Most Wanted criminals and a 380% increase in reports on operations of outlaw motorcycle gangs
- saving 2,500 people from credit card fraud and identify theft, with a further 87 potential victims identified or protected across all operations
- dismantling significant fraud networks and National Disability Insurance Scheme (NDIS) fraud
- detecting suspicious activities relating to child sexual exploitation by an increase of 580%
- issuing 131 intelligence products to law enforcement and intelligence agencies
- contributing to the arrest of 108 persons of interest and closure of the accounts of over 90 high-risk customers, and
- providing vital intelligence for ongoing cybercrime, cyber scams and virtual currency money laundering operations.
AUSTRAC CEO Nicole Rose PSM, said the financial intelligence and information shared through the Fintel Alliance is critical in helping AUSTRAC and its government partners identify, disrupt and dismantle criminal networks that prey on the most vulnerable.
“It is very encouraging to see the Fintel Alliance already making major contributions to fighting serious financial crime after its first two years in operation,” said Ms Rose.
“I commend the efforts of Fintel Alliance industry and government partners and their willingness to collaborate in this fight.
“The government’s increased funding of $28.4 million to AUSTRAC over the next four years will allow the Fintel Alliance to expand its capabilities to better combat serious financial crime,” said Ms Rose.
Fintel Alliance Strategic Advisory Board Chair, Roger Wilkins AO applauded the commitment of all organisations and staff involved.
“The Fintel Alliance is building a partnership, or coalition, between public sector law enforcement and policy agencies, and private sector financial organisations to prevent and disrupt the flow of illicit funds,” said Mr Wilkins.
New indicators report on combatting child sexual exploitation
As part of the operational results announced today, AUSTRAC has also published a joint industry and government financial indicators report to combat child sexual exploitation.
The report, developed through the Fintel Alliance, will help the financial services industry and law enforcement identify financial activity that may be related to child exploitation activities.
Download the reports
- Fintel Alliance annual report 2018-19 (PDF, 3.9MB)
- Fintel Alliance combating the sexual exploitation of children for financial gain activity indicators report (PDF, 142KB)
AUSTRAC uses financial intelligence and regulation to disrupt money laundering, terrorism financing and other serious crime. The agency’s unique dual role supports law enforcement and industry in protecting Australia’s financial system and the community from criminal abuse.
In 2017, AUSTRAC established the Fintel Alliance as a world-first private-public partnership in the fight against serious crime and terrorism financing. The Fintel Alliance had 25 members at the time of the report, and has recently expanded to 28 members.