Australian and UK regulators team up to fight money laundering and terrorism financing

Two regulatory watchdogs in Australia and Britain have signed a memorandum of understanding (MOU) to tighten their collaboration in their fight against financial crimes.

The Australian Transaction Reports and Analysis Centre (AUSTRAC) and Great Britain Gambling Commission’s closer partnership will see them share regulatory and compliance information to fight back against money laundering and terrorism financing.

The scope of the collaboration will also include preventing and combating corruption.

AUSTRAC has signed similar regulatory MOUs with other partners in the US, Canada, New Zealand and China. The Australian regulator also plans to sign similar partnerships with other UK-based regulators, including the Financial Conduct Authority and Her Majesty’s Revenue and Customs.

“Financial crime is a global issue,” said Nicole Rose, CEO of AUSTRAC. “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.”

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