Anti-money laundering watchdog Austrac has received a funding boost in the budget. It has been allocated an additional A$104.9 million over the next four years, with the cost to be recovered via an industry levy.
The allocation includes A$48.9 million of capital funding. The government hopes to strengthen Austrac’s capacity to combat financial crime and protect the financial system from criminal activity.
The funding will also support the development of a new financial data reporting system to assist industry in meeting its reporting obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act.
The cost of the measure will be offset over 10 years by an increase in the Australian Transaction Reports and Analysis Centre Contribution Levy.