The Government is determined to detect and disrupt terrorism financing in Australia and take action against people who provide support to terrorist organisations.
As part of the Government’s $630 million counter-terrorism package, $20 million has been provided to AUSTRAC to improve detection and disruption of terrorism financing.
Terrorist groups need both material and financial support to carry out their operations.
Anyone who chooses to support terrorists is playing a direct part in the atrocious and violent acts they commit, and is putting Australian lives at risk.
The consequences of participating in terrorism financing are severe and penalties of up to life imprisonment can be imposed on those found guilty.
A new report released today – Terrorism financing in Australia 2014 – reveals that while there is a relatively low incidence of terrorism financing in Australia, the practice continues to pose a national security risk to the Australian community.
The report finds the conflicts in Syria and Iraq currently pose the most significant terrorism financing risks to Australia. Some perpetrators attempt to disguise funds collected for terrorist groups by mixing them with legitimate business or fundraising activities.
New analysts and intelligence systems will significantly increase AUSTRAC’s analytical capability and enable complex financial intelligence analysis to better detect the financial enablers of terrorism.
Security agencies will work with AUSTRAC and its new national intelligence team to help:
- prevent individuals who have departed Australia to fight overseas from receiving financial support;
- identify opportunities to disrupt attempts to undertake terrorism; and
- monitor financial activity relating to foreign conflict hotspots.
Using its existing powers, AUSTRAC will also increase cooperation with business and security agencies to identify transfers of money into and out of Australia.
11 September 2014