“Australia Losing $60 Billion Yearly to Organised Crime”

By Trend News Line 2024-06-11 02:25:54.

The Cocaine Inc. Podcast Exposes Criminal Exploitation of Financial Systems

The recent Cocaine Inc. Podcast, produced by News Corp Australia and The Times, sheds light on how criminal gangs are taking advantage of our financial system to conceal their profits. The podcast reveals that serious and organised crime costs Australia up to $60 billion annually, with funds being hidden from law enforcement agencies and the Tax Office. These illicit funds are then “laundered” through seemingly legitimate businesses, fuelling heinous crimes such as terrorism, drug trafficking, and child exploitation.

Exploitation of Vulnerable Sectors

Certain sectors, including real estate agents, lawyers, accountants, and dealers in precious metals and stones, are particularly susceptible to exploitation by criminal networks. These entities, known as ‘tranche two’ sectors, are increasingly being used to disguise and launder illicit wealth. For example, a recent investigation by the Australian Federal Police and Victoria Police resulted in the arrest of 52 individuals on charges of money laundering and other offences. Assets worth over $47 million were seized, including real estate, cars, a luxury yacht, jewellery, and designer goods.

Consequences of Inaction

Failure to address criminal exploitation of the financial system poses a significant threat to Australia’s economy and integrity. The lack of regulation in tranche two sectors leaves Australia vulnerable to being ‘grey-listed’ by the Financial Action Task Force, which could have severe economic repercussions and tarnish the country’s international reputation. The Albanese Government has pledged to take action to strengthen Australia’s anti-money laundering regime after years of inaction by the previous government.

Commitment to Reform

The government is currently engaging with businesses affected by the proposed reforms to enhance Australia’s anti-money laundering efforts. These reforms aim to deter, detect, and disrupt money laundering and terrorism financing, bringing the country’s standards in line with international norms. The recent budget allocated over $160 million to AUSTRAC to support these reforms and assist businesses in safeguarding themselves against criminal exploitation.

Protecting Australians and the Economy

Implementing these reforms is crucial in safeguarding Australians and the economy from the impact of transnational, serious, and organised crime. By updating Australia’s money laundering standards and cracking down on illicit financial activities, the government aims to thwart criminals seeking to exploit vulnerable sectors. It is imperative that Australia takes a proactive stance in combating financial crime to protect its citizens and uphold the integrity of its financial system..

– organised crime impact on economy
– Australia losing billions to criminal activities.