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Australia mutual evaluation report 2015

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Mutual Evaluation Report of Australia: a summary of the key findings, ratings and priority action items

Published in: Government & Nonprofit
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Australia mutual evaluation report 2015

  1. 1. Anti-money laundering and counter-terrorist financing measures in Australia – Mutual Evaluation Report – April 2015 1 Anti-money laundering and counter- terrorist financing (AML/CFT) measures in Australia Fourth Round Mutual Evaluation Key findings, ratings and priority actions 20 April 2015 www.fatf-gafi.org/topics/mutualevaluations/documents/mer-australia-2015.html
  2. 2. Anti-money laundering and counter-terrorist financing measures in Australia – Mutual Evaluation Report – April 2015 Key findings  Australia has a good understanding of its main money laundering (ML) and terrorist financing (TF) risks. – Australia needs to develop ML understanding further. – There is an underlying concern that authorities address predicate crime, rather than ML. – TF is largely motivated by international tensions and conflicts. – Australia coordinates very well activities to address ML/TF risks but some key risks remain unaddressed.  Operationally, national AML/CFT coordination is very comprehensive, but demonstrating its overall success is challenging, despite positive results from national task forces. 2
  3. 3. Anti-money laundering and counter-terrorist financing measures in Australia – Mutual Evaluation Report – April 2015 Key findings  Australia develops and disseminates good quality financial intelligence to a range of law enforcement bodies, customs and tax authorities. – All relevant authorities have access to the Australian Transaction Reports and Analysis Centre (AUSTRAC) database and can use its integrated analytical tool. This is a strength of Australia’s AML/CFT system. – Law enforcement makes limited use of the database to trigger ML/TF investigations, which is a weakness in Australia’s AML/CFT system. 21-Apr-15 3
  4. 4. Anti-money laundering and counter-terrorist financing measures in Australia – Mutual Evaluation Report – April 2015 Key findings  Australia’s legal framework to implement target financial sanctions is a good example for other countries. – Automatic, direct legal obligation to freeze assets of new UN designations. – Numerous designations made under the domestic regime. – Absence of freezing statistics, financial supervision, and feedback on experience make it difficult to confirm effective implementation of the legal framework.  Australia has not implemented a targeted approach or oversight in dealing with NPOs that are risk of terrorist abuse. It has not reviewed the sector to identify the features and types of NPOs that are at risk of being misused for TF. 21-Apr-15 4
  5. 5. Anti-money laundering and counter-terrorist financing measures in Australia – Mutual Evaluation Report – April 2015 Key findings  Most designated non-financial businesses and professions are not subject to AML/CFT requirements, and do not have adequate understanding of their ML/TF risks, or measures to mitigate them. – This includes real estate agents and lawyers, both identified as high ML risk in Australia’s National Threat assessment  Major reporting entities have a good understanding of their AML/CFT risks and obligations, but some AML/CFT controls are not in line with the FATF Standards. 21-Apr-15 5
  6. 6. Anti-money laundering and counter-terrorist financing measures in Australia – Mutual Evaluation Report – April 2015 Key findings  AUSTRAC supervision has a range of deficiencies. – There is no supervision or regulation of most higher-risk designated non-financial businesses and professions because they are not subject to AML/CFT requirements. – The authorities were unable to demonstrate that they are improving AML/CFT compliance by reporting entities or that they are successfully discouraging criminal abuse of the financial and DNFBP sectors. 21-Apr-15 6
  7. 7. Anti-money laundering and counter-terrorist financing measures in Australia – Mutual Evaluation Report – April 2015 Key findings  Australia has not conducted a formal risks assessmenton the TF risks of legal persons and arrangements. – Registration information concerning legal persons is largely available to competent authorities and the public, but there is only limited verification of this information. – Beneficial ownership information of legal persons and arrangements is not maintained and accessible to competent authorities in a timely manner.  Australia cooperates well with other countries in MLA matters, including extradition.  Informal co-operation is generally good across agencies. 21-Apr-15 7
  8. 8. Anti-money laundering and counter-terrorist financing measures in Australia – Mutual Evaluation Report – April 2015 Ratings – Effectiveness (1/3) 8 Immediate outcome of an effective system to combat money laundering (ML) and terroristfinancing (TF) Extent to which Australia has achieved this objective 1. ML and TF risks are understood and, where appropriate, actions co-ordinateddomesticallyto combat ML and TF Substantial 2. International co-operationdelivers appropriateinformation, financialintelligence,and evidence, and facilitatesaction against criminals and their assets High 3. Supervisors appropriatelysupervise, monitor and regulate financialinstitutionsand designated non-financial businesses and professions (DNFBPs) for compliancewith AML/CFT requirements commensurate with their risks. Moderate 4. Financialinstitutionsand DNFBPs adequatelyapplyAML/CFT preventivemeasures commensurate with their risks, and report suspicious transactions. Moderate
  9. 9. Anti-money laundering and counter-terrorist financing measures in Australia – Mutual Evaluation Report – April 2015 9 Immediate outcome of an effective system to combat money laundering (ML) and terroristfinancing (TF) Extent to which Australia has achieved this objective 5. Legal persons and arrangements are prevented from misuse for money launderingor terrorist financing, and information on their beneficialownership is availableto competent authorities without impediments Moderate 6. Financialintelligenceand all other relevantinformation are appropriatelyused by competent authorities for money launderingand terrorist financing investigations. Substantial 7. Money launderingoffences and activities are investigated and offenders are prosecuted and subject to effective, proportionateand dissuasive sanctions Moderate 8. Proceeds and instrumentalitiesof crime are confiscated. Moderate Ratings – Effectiveness (2/3)
  10. 10. Anti-money laundering and counter-terrorist financing measures in Australia – Mutual Evaluation Report – April 2015 10 Immediate outcome of an effective system to combat money laundering (ML) and terroristfinancing (TF) Extent to which Australia has achieved this objective 9. Terrorist financing offences and activities are investigated and persons who finance terrorism are prosecuted and subject to effective, proportionateand dissuasive sanctions. Substantial 10. Terrorists, terrorist organisationsand terrorist financiers are prevented from raising, moving and using funds, and from abusing the non-profit sector. Moderate 11. Persons and entities involvedin the proliferationof weapons of mass destruction are preventedfrom raising, moving and using funds, consistent with the relevantUnited Nations Security CouncilResolutions. Substantial Ratings – Effectiveness (3/3)
  11. 11. Anti-money laundering and counter-terrorist financing measures in Australia – Mutual Evaluation Report – April 2015 21-Apr-15 11 Ratings – Effectiveness 1 46 0 High Substantial Moderate Low
  12. 12. 21-Apr-15 12 Ratings – technical compliance (1/5) AML/CFT POLICIES AND COORDINATION 1. Assessing risks & applyinga risk-based approach Partially compliant 2. National cooperationand coordination Largely compliant MONEY LAUNDERING AND CONFISCATION 3. Money launderingoffence Compliant 4. Confiscationand provisional measures Compliant TERRORIST FINANCING AND FINANCING OF PROLIFERATION 5. Terrorist financingoffence Largely compliant 6. Targeted financialsanctions related to terrorism & terrorist financing Compliant 7. Targeted financialsanctions related to proliferation Compliant 8.Non-profit organisations Non-compliant
  13. 13. 21-Apr-15 13 Ratings – technical compliance (2/5) PREVENTIVE MEASURES 9. Financialinstitution secrecy laws Compliant Customer due diligence and record keeping 10. Customer due diligence Partially compliant 11. Record keeping Largely compliant Additional measures for specific customers and activities 12. Politicallyexposed persons Largely compliant 13. Correspondent banking Non-compliant 14. Money or value transfer services Largely compliant 15. New technologies Largely compliant 16. Wire transfers Partially compliant
  14. 14. 21-Apr-15 14 Ratings – technical compliance (3/5) PREVENTIVE MEASURES (continued) Reliance, Controls and Financial Groups 17. Relianceon third parties Partially compliant 18. Internal controls and foreign branches and subsidiaries Partially compliant 19. Higher-risk countries Partially compliant Reporting of suspicious transactions 20. Reporting of suspicious transactions Compliant 21. Tipping-off and confidentiality Compliant Designated non-financial Businesses and Professions (DNFBPs) 22. DNFBPs: Customer due diligence Non-compliant 23. DNFBPs: Other measures Non-compliant
  15. 15. 21-Apr-15 15 Ratings – technical compliance (4/5) TRANSPARENCYAND BENEFICIAL OWNERSHIP OF LEGAL PERSONS AND ARRANGEMENTS 24. Transparencyand beneficialownership of legal persons Partially compliant 25. Transparencyand beneficialownership of legal arrangements Non-compliant POWERS AND RESPONSIBILITIES OF COMPETENTAUTHORITIES AND OTHER INSTITUTIONAL MEASURES Regulation and Supervision 26. Regulationand supervision of financialinstitutions Partially compliant 27. Powers of supervisors Partially compliant 28. Regulationand supervision of DNFBPs Non-compliant Operational and Law Enforcement 29. Financialintelligenceunits Compliant 30. Responsibilitiesof law enforcement and investigativeauthorities Largely compliant 31. Powers of law enforcement and investigativeauthorities Largely compliant 32. Cash couriers Largely compliant
  16. 16. 21-Apr-15 16 Ratings – technical compliance (5/5) TRANSPARENCYAND BENEFICIAL OWNERSHIP OF LEGAL PERSONS AND ARRANGEMENTS (continued) General Requirements 33. Statistics Largely compliant 34. Guidance and feedback Largely compliant Sanctions 35. Sanctions Partially compliant INTERNATIONAL COOPERATION 36. International instruments Largely compliant 37. Mutuallegal assistance Compliant 38. Mutuallegal assistance: freezing and confiscation Compliant 39. Extradition Compliant 40. Other forms of international cooperation Compliant
  17. 17. Anti-money laundering and counter-terrorist financing measures in Australia – Mutual Evaluation Report – April 2015 21-Apr-15 17 Ratings – technical compliance 12 12 10 6 Compliant Largely compliant Partially compliant Non-compliant
  18. 18. Anti-money laundering and counter-terrorist financing measures in Australia – Mutual Evaluation Report – April 2015 Priority Actions for Australia to strengthen its AML/CFT System  Re-assess Australia’s money laundering (ML) risk and formalise ongoing processes to re-assessing risks. – Australia should identify metrics and processes to monitor and measure success.  More emphasis on pursuing ML investigations and prosecutions at federal and State/Territory level.  Increase efforts to address ML risks associated with – Predicate crimes, other than drugs and tax, including foreign predicates – Abuse of legal persons and arrangements, and the real estate sector – Identity fraud – Cash intensive activities 21-Apr-15 18
  19. 19. Anti-money laundering and counter-terrorist financing measures in Australia – Mutual Evaluation Report – April 2015 Priority Actions for Australia to strengthen its AML/CFT System  Ensure that DNFBPs are subject to AML/CFT requirements and understand their ML/TF risk – Ensure that reporting entities implement preventive measures in line with FATF Standards, and obligations on enhanced CDD, beneficial owner and politically exposed persons. – Improve feedback & guidance to reporting entities on reporting quality and volume.  Continue good early work to confiscate the proceeds and instrumentalities of crime, and demonstrate the effectiveness of this work over time. 21-Apr-15 19
  20. 20. Anti-money laundering and counter-terrorist financing measures in Australia – Mutual Evaluation Report – April 2015 Priority Actions for Australia to strengthen its AML/CFT System  Besides data analysis from field reports, incorporate more (inherent) risk factors to identify and assess the risk of reporting entities. Consider judicious use of enforcing authority to promote further compliance by reporting entities.  Ensure that financial institutions are actively supervised for compliance with targeted financial sanction requirements. – Most likely through a legislative amendment to the statute identifying and authorising the agency responsible for supervision (Department of Foreign Affairs and Trade) 21-Apr-15 20
  21. 21. Anti-money laundering and counter-terrorist financing measures in Australia – Mutual Evaluation Report – April 2015 Priority Actions for Australia to strengthen its AML/CFT System  Australia should implement a targeted approach in relation to preventing non-profit organisations from terrorist financing (TF) abuse. – As a first step, undertake a thorough review of the TF risks that NPOs are facing and the potential vulnerabilities of the sector to terrorist activities.  Ensure that lawyers, accountants, real estate agents, precious stones dealers, and trust and company service providers understand their ML/TF risks and are required to effectively implement AML/CFT obligations and risk mitigating measures. 21-Apr-15 21
  22. 22. Anti-money laundering and counter-terrorist financing measures in Australia – Mutual Evaluation Report – April 2015 Priority Actions for Australia to strengthen its AML/CFT System  Ensure that reporting entities implement as early as possible the obligations on enhanced customer due diligence (CDD), beneficial owners, and politically exposed persons introduced on 1 June 2014.  Australia should assess the risks of TF posed by all forms of legal persons and arrangements.  Australia should also take measures to ensure that beneficial ownership information for legal persons is collected and available. Trustees should be required to hold and maintain information on the constituent elements of a trust including the settlor and beneficiary. 21-Apr-15 22

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