These are significant cash reports (Threshold Transaction Reports), international funds transfer instructions reports (IFTIs) and reports of suspicious financial activity.Individuals entering or leaving Australia are required by the AML/CTF Act to submit reports of cross-border movements of physical currency and cross-border movements of bearer negotiable instruments.The number of SMRs submitted to AUSTRAC steadily increased between 2002––06, with a one percent decrease in the number of reports submitted in 2006–07.
The volume of charges dealt with by the CDPP has increased since the mutual evaluation (CDPP 2007).
Table 23 outlines the number of defendants dealt with by the CDPP for money laundering-related offences between 2002–03 and 30 April 2010.
Sources: AUSTRAC 2009a, 2007FATF-GAFI criticised the rate of Commonwealth-level prosecutions in Australia for money laundering in the 2005 mutual evaluation (FATF-GAFI 2005b).
FATF-GAFI highlighted that only five convictions were obtained between 20 for money laundering under the Criminal Code.
Bar Cap is licensed to operate a banking business and is a cash dealer under the FTR Act and a reporting entity under the AML/CTF Act.
The enforceable undertaking stemmed from an onsite assessment conducted by AUSTRAC.
AUSTRAC accepted the first two enforceable undertakings in July 2009, a third enforceable undertaking in November 2009 and a fourth enforceable undertaking in June 2010.
AUSTRAC may accept a voluntary undertaking from a person (or reporting entity) to comply with the AML/CTF Act, or Anti-Money Laundering and Counter-Terrorism Financing Rules, by taking or avoiding a specific action.
The volume of reports was substantially higher in 2009 than in 2002.