Combined, these totalled over 19 million reports in 2008–09.
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.
AUSTRAC had issued seven written notices requiring an external audit by July 2010 (AUSTRAC 2010b).
AUSTRAC accepted an enforceable undertaking from Barclays Bank PLC, trading as Bar Cap in Australia, on 1 July 2009 (AUSTRAC 2009c).
The fourth section aims to compare the compliance of regulated businesses with the components of the preventative AML/CTF regimes in Australia, the United States, the United Kingdom and the selected countries in the European Union and Asia.
Compliance activities and measures of compliance differ between these countries, reflecting the different regulatory requirements contained within each AML/CTF regime.
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.
AUSTRAC may issue a remedial direction to reporting entities that have contravened a civil provision of the AML/CTF Act.
The content of the direction aims to ensure the reporting entity no longer contravenes the civil provision and does not do so in the future.
Source: AUSTRAC 2009a Suspicious matter reports (SMRs), required by the AML/CTF Act, may be filed by regulated businesses at any stage of providing, or proposing to provide, a service designated by the Act.