Jonathon Duniam (Tasmania, Liberal Party, Assistant Minister for Forestry and Fisheries) Share this | Hansard source

AUSTRAC is a world-leading financial intelligence agency and regulator of anti-money-laundering and counterterrorism financing. In the past five years AUSTRAC enforcement action has resulted in more than $2 billion in civil penalties from Tabcorp, CBA and Westpac. In addition, total tax liabilities raised by using AUSTRAC information in the past decade come to more than $2.6 billion. The government has provided AUSTRAC with an additional $104.9 million over four years to uplift its capability, meaning that more noncompliance can be detected, investigated and addressed. Recently AUSTRAC commenced enforcement investigations against several casino operators and the National Australia Bank. AUSTRAC is continuing to innovate and leverage its domestic and international partnerships to get the best results to detect, prevent and disrupt AML/CTF and other serious crime.

Question agreed to.