An extra $43.3 million will be injected into the fight against terrorism financing and money laundering in Australia.
The Coalition Government today announced a tough new funding package that will see the nation's financial intelligence agency AUSTRAC recruit more staff to ensure our financial institutions comply with the law.
This Government takes a zero tolerance approach to serious non-compliance which can hinder our law enforcement agencies on bringing criminals who finance terror and launder money to justice.
AUSTRAC's strengthening of its serious non-compliance team will also see 14,000 businesses across Australia educated on how to improve their anti-money laundering and counter-terrorism measures.
The investment follows Tabcorp receiving a record civil penalty of $45 million for breaches of the Anti-Monday Laundering and Counter-Terrorism Financing Act.
Just last week, Parliament passed the Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2017.
These new laws close a gap by regulating the emerging digital currency sector, strengthening AUSTRAC's investigation and enforcement powers and increasing police and customs officers' search and seizure powers at the border.
$36 million in net regulatory relief annually will also be provided to low-risk industries such as the cash-in-transit sector by simplifying and streamlining regulatory requirements.
Stopping the movement of money to criminals and terrorists is a vital part of our national security defences and we expect every single regulated entity to comply with our comprehensive regime.
This Government is tough on crime and we are arming AUSTRAC, our strong cop on the beat, to ensure that our financial institutions comply with the law.