What is the AML/ CTF regime?
Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) regime is a critical component in Australia’s defence against money laundering and organised crime. To effectively protect Australia’s economy and its participants, including Australia’s global counterparts, the Government seeks to ensure we have a robust and rigorous regime in place that is hostile to money laundering, financing of terrorism, major crime and tax evasion.
AUSTRAC notes that by some estimates, more than AUD1.5 trillion of illegal funds are laundered worldwide each year! This is more than the total output of an economy the size of the United Kingdom. Of the worldwide total, an estimated AUD200 billion is laundered in the Asia-Pacific region.
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