The money moved by “weapons of mass destruction networks” has been recovered by the Australian financial watchdog.
Patterns of transactions within the Australian financial system that attempted to cover up what these networks wanted to buy were reported by Austrac as recently as last fiscal year.
There has been a threefold increase in the number of banks notifying the financial watchdog of potentially criminal transactions – including child exploitation and terrorism – over the past five years.
Almost 310,000 of these suspicious transaction reports were made to Austrac during the past financial year.
This includes a more than ten-fold increase in suspicious statements related to money laundering.
Child exploitation and related material made up the bulk of the watchdog’s intelligence reports.
An investigation into online child sexual abuse led to the rescue of three children and the arrest of a woman in the Philippines last year after an analysis of money transfers from Australian citizens.
The watchdog was part of investigations that resulted in the arrest of six people who allegedly made fraudulent claims against the National Invalidity Insurance Agency.
More than $ 2 million in assets were seized in connection with this investigation.
He also helped investigate 23 million violations of anti-money laundering and anti-terrorism laws by Westpac, which resulted in a fine of $ 1.3 billion.
There were over 2.17 million cash transfers over $ 10,000 that triggered a threshold transaction report in the past fiscal year.
Associated Australian Press