Anti Money Laundering (AML) in Australia
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|Money laundering in Australia is a serious problem. The Government of Australia has maintained a comprehensive Anti-Money Laundering (AML) system to detect, prevent, and protect against financial crimes and terrorist financing. With the enactment of the Proceeds of Crime Act 1987, Australia criminalized money laundering-related offenses as serious crimes. It was superseded by the Proceeds of Crime Act 2002, which provides for civil forfeiture of proceeds of crime, as well as for continuing and strengthening the existing conviction-based forfeiture scheme that was in the Proceeds of Crime Act 1987.
The Proceeds of Crime Act 2002 also enables freezing and confiscation of property used in, intended to be used in, or derived from, terrorism offenses. It is intended to implement obligations under the UN International Convention for the Suppression of the Financing of Terrorism and resolutions of the UN Security Council relevant to the seizure of terrorism-related property.
In keeping up with global best practice, the AML/CTF Act 2006 received Royal Assent on December 12, 2006, following a long process of consultation.
AML Training in Australia
Australia's 1987 Proceeds of Crime Act and its 2002 amendment require all financial institutions within the country of Australia to create and implement training programs and procedures to combat money laundering and terrorist financing.
New AML/CTF rules focused primarily on customer due diligence (CDD) took effect in June 2014, under which a reporting entity must collect and verify certain information about beneficial owners of all types.
Current Economic Status
Australia has an enviable, strong economy with a per capita GDP on par with the four dominant West European economies. Robust business and consumer confidence and high export prices for raw materials and agricultural products are fueling the economy, particularly in mining states. Australia's emphasis on reforms, low inflation, a housing market boom, and growing ties with China have been key factors behind the economy's 16 solid years of expansion. Drought, robust import demand, and a strong currency have pushed the trade deficit up in recent years, while infrastructure bottlenecks and a tight labor market are constraining growth in export volumes and stoking inflation. Australia's budget has been in surplus since 2002 due to strong revenue growth.
The financial landscape in Australia is dominated by what are known as the Big Four. These are considered the main banking institutions in the country:
All of the banks within Australia are supervised by the Central Bank The Reserve Bank of Australia (RBA). Other regulatory agencies working in conjunction with the RBA are the Australian Competition and Consumer Commission and the Australian Securities Exchange.
The Australian dollar (sometimes abbreviated as AUD) is the currency of Australia. Use of A$ or AU$ is often used informally to distinguish it from other currencies used around the world.
Time Zone: Australia has three standard time zones: eastern (UTC+10), central (UTC+9:30) and western (UTC+8). There are also some areas using an unofficial "central western" zone (UTC+8:45). Most Australian external territories also observe different time zones.
Location: Oceania, continent between the Indian Ocean and the South Pacific Ocean (Geographic coordinates for Australia are 27 00 S, 133 00 E).
Population: 23,807,500 (2015 estimate.)
Languages Spoken: English