Australian Transaction Reports and Analysis Centre (AUSTRAC) is an Australian government agency, established in 1989 under the Financial Transaction Reports Act 1988 and continued in existence under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act). Certain classes of designated services must be reported to AUSTRAC, in particular bank cash transactions (i.e. notes and coins) of $10,000 or more. AUSTRAC passes information on to other government agencies to help them act against tax evasion, organised crime, money laundering, and welfare fraud.
Read more about Australian Transaction Reports And Analysis Centre: Operation, Identification, Other Agencies, Enforcement
Famous quotes containing the words australian, reports, analysis and/or centre:
“The Australian mind, I can state with authority, is easily boggled.”
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