Anti-Money Laundering Compliance & Advice
Money laundering means arrangements by people and organisations to convert proceeds of crime or other crime-related finances into legally accessible wealth.
Through the implementation of commonwealth legislation, the government has a number of powers which may be used to investigate money laundering and proceeds of crime offending.
The AML process
The Australian Federal Police and the Australian Crime Commission have considerable powers to analyse, direct and investigate financial crime. The legislation is extensive and provides numerous different avenues for collecting information, testimony, and data from identified persons, their properties, and the banks which hold their funds. The Proceeds of Crime Act 2002 (Cth) enable the Australian Federal Police to provide information, transaction records, and the power to search and seize materials or property which are linked to suspicious periods of activity.
The Consequences for you and your organisation
Accepting money which has not been through a rigorous due diligence process to ensure that you have made every effort to avoid receiving proceeds of crime is a time consuming but necessary part of business operations. If you or your company are the subject of investigations by AUSTRAC, AFP, ATO or the Australian Criminal Intelligence Commission for suspected money laundering activities, the consequences for you and for your business are severe.