Australia

Member since 1990

Australia’s progress in strengthening measures to tackle money laundering and terrorist financing

7 Nov 2018

This report analyses Australia's progress in addressing the technical compliance deficiencies identified in the 2015 FATF assessment of the country's measures to combat money laundering and terrorist financing. The report also looks at whether Australia has implemented new measures to meet the requirements of FATF Recommendations that changed since the 2015 mutual evaluation.

Ratings

Technical Compliance

Ratings which reflect the extent to which a country has implemented the technical requirements of the FATF Recommendations.

Australia - Follow-up report 2018

R.1 - Assessing risk & applying risk-based approach
PC
R.2 - National cooperation and coordination
LC
R.3 - Money laundering offence
C
R.4 - Confiscation and provisional measures
C
R.5 - Terrorist financing offence
C
R.6 - Targeted financial sanctions related to terrorism & terrorist financing
C
R.7 - Targeted financial sanctions related to proliferation
C
R.8 - Non-profit organisations
LC
R.9 - Financial institution secrecy laws
C
R.10 - Customer due diligence
PC
R.11 - Record keeping
LC
R.12 - Politically exposed persons
LC
R.13 - Correspondent banking
NC
R.14 - Money or value transfer services
LC
R.15 - New technologies
C
R.16 - Wire transfers
PC
R.17 - Reliance on third parties
PC
R.18 - Internal controls and foreign branches and subsidiaries
PC
R.19 - Higher-risk countries
LC
R.20 - Reporting of suspicious transactions
C
R.21 - Tipping-off and confidentiality
C
R.22 - DNFBPs: Customer due diligence
NC
R.23 - DNFBPs: Other measures
NC
R.24 - Transparency and beneficial ownership of legal persons
PC
R.25 - Transparency and beneficial ownership of legal arrangements
NC
R.26 - Regulation and supervision of financial institutions
PC
R.27 - Powers of supervisors
PC
R.28 - Regulation and supervision of DNFBPs
NC
R.29 - Financial intelligence units
C
R.30 - Responsibilities of law enforcement and investigative authorities
C
R.31 - Powers of law enforcement and investigative authorities
LC
R.32 - Cash couriers
C
R.33 - Statistics
LC
R.34 - Guidance and feedback
LC
R.35- Sanctions
PC
R.36 - International instruments
C
R.37 - Mutual legal assistance
C
R.38 - Mutual legal assistance: freezing and confiscation
C
R.39 - Extradition
C
R.40 - Other forms of international cooperation
C

C = compliant   |   LC = largely compliant     |   PC = partially compliant   |   NC = non-compliant

Effectiveness

Ratings that reflect the extent to which a country's measures are effective. The assessment is conducted on the basis of 11 immediate outcomes, which represent key goals that an effective AML/CFT system should achieve.

Ratings that reflect the extent to which a country's measures are effective. The assessment is conducted on the basis of 11 immediate outcomes, which represent key goals that an effective AML/CFT system should achieve.

Australia - Mutual Evaluation 2015

IO1
SE
IO2
HE
IO3
ME
IO4
ME
IO5
ME
IO6
SE
IO7
ME
IO8
ME
IO9
SE
IO10
ME
IO11
SE

HE = high level of effectiveness   |   SE = substantial level of effectiveness    |   ME = moderate level of effectiveness   |   LE = low level of effectiveness

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