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AUSTRAC accesses international financial information

By Adeline T on Wednesday, 3 September 2008

The government’s Australian Transaction Reports and Analysis Centre (AUSTRAC) recently signed the financial intelligence units of the Czech Republic, Germany, Mexico, and St Kitts and Nevis to memoranda of understanding (MOU), allowing access to financial information for Australian law enforcement and other relevant government agencies.

The MOU will assist in the detection and prosecution of criminals involved in illegal activities such as money laundering, drug trafficking and fraud.

“Through globalisation and the increasing use of advanced technology, transnational crime syndicates now have new opportunities by which they can exploit legitimate businesses to conceal dirty money,” said centre CEO Neil Jensen. “The signing of these MOUs is an important step in further developing a global network to track the proceeds of crime.”

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