Anti-Money Laundering and Counter-Terrorism Gets $166 Million in Funding

Attorney-General Mark Dreyfus emphasised that billions of dollars of illicit funds are generated from illegal activities every year.

Australian’s four major banks face the highest risk from money laundering and terrorism financing (ML/FC), according to AUSTRAC’s latest banking sector risk assessments. Reuters/Staff

The Australian government is allocating $166.4 million (US$110 million) of budget funding to improve the country’s anti-money laundering and counter-terrorism financing (AML/CTF) scheme.

Australia has been seemingly charting its course toward becoming a sanctuary for financial crime as it continues failing to safeguard its citizens from the adverse impacts of money laundering for nearly a decade.