NEW INTERNATIONAL FINANCIAL INTELLIGENCE PROGRAM TO COUNTER TERRORISM

The Coalition Government's efforts to combat terrorism financing have been bolstered today with the injection of more than $5.5 million retrieved from the proceeds of crime to create a new international financial intelligence and regulatory program.

The additional funding increases the Australian Transaction Reports and Analysis Centre's (AUSTRAC) international presence, enhancing Australia's collection of global financial intelligence and our ability to share critical financial intelligence with key international partners more quickly.

AUSTRAC staff will be placed in strategic locations in Malaysia, China, the Middle East, London, Singapore and Washington D.C. This is in addition to staff currently posted in Indonesia and the Philippines.

Australia's defences against foreign threats will be reinforced by hardening anti money-laundering counter terrorism financing systems and increasing the operational capability of our partners.

Better financial intelligence also strengthens our hand in the fight against money laundering, multinational tax evasion, fraud and the trafficking and distribution of ice and other illicit drugs.

The new program is part of the AUSTRAC International Intelligence and Regulatory Network with key international partners, putting international counter-terrorism policy into action and improving coordination to counter terrorism financing in our region.

The Coalition Government remains committed to identifying, disrupting and preventing serious and organised crime and terrorism financing to ensure the continued security and integrity of the Australian financial system.