16 Jan 2020
The Australian Transaction Reports and Analysis Centre (AUSTRAC) and the U.K. Gambling Commission (UKGC) announced that they have signed a memorandum of understanding (MoU) to share both regulatory and compliance information between the agencies. This agreement has been reached to help the agencies better fight organized crime organizations.
In a statement, AUSTRAC chief executive Nicole Rose praised the agreement as an opportunity to fight financial related crimes. “Financial crime is a global issue. It is critical we work together with our international partners to tackle this issue. The signing of this MoU brings the number of jurisdictions AUSTRAC shares regulatory intelligence with to five. This is in addition to its MoUs with 93 financial intelligence units in the global network – further strengthening AUSTRAC’s international network to track illicit funds across the globe.”
The agreement will allow the two agencies to share vital information which will help them to strengthen their financial systems to monitor and detect transactions that are likely involved in criminal activities. This will enable them to be able to more actually track such criminal activity such as money laundering, financing for terrorist activities, corruption, and other similar types of crimes.
AUSTRAC already has a similar agreement with regulatory agencies in the U.S., Canada, China, and New Zealand. It is expected that they will soon sign an MoU with the U.K. sometime this year, which will include an agreement with the Financial Conduct Authority and Her Majesty’s Revenue and Customs.
By Ad Miral, CalvinAyre.com, 16 January 2020
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