A new risk assessment released by Austrac has revealed that criminals in Australia still prefer to launder money “via traditional methods” such as through casinos, banks, luxury goods and real estate.
The Money Laundering in Australia: National Risk Assessment was released alongside a second assessment, Terrorism Financing in Australia: National Risk Assessment, to provide in insight into money laundering and terrorism financing within the country.
“We know, through the good work of our colleagues in the Australian Criminal Intelligence Commission, that the value of the domestic Australian drug market is worth at least AU$12.4bn dollars per year,” said Austrac CEO Brendan Thomas.
“This money then needs to be laundered through the Australian economy, every single year.
“And that’s only one type of crime driven by Australian organised crime groups. The exploitation of digital currencies is increasing. This helps criminals move funds quickly, cheaply and with what they perceive as a degree of anonymity,” he added.
