Gun network reported by Money Watchdog | Northern Beaches Rating


Money moved by “WMD networks” was picked up by Australia’s financial regulator.

Patterns of transactions within the Australian financial system trying to hide what these networks were trying to buy were only flagged by Austrac in the last fiscal year.

In the past five years, the number of banks providing information to financial regulators about potentially criminal transactions, including child exploitation and terrorism, has tripled.

Almost 310,000 of these suspicious transaction reports were sent to Austrac in the past fiscal year.

This includes a more than tenfold increase in suspicious transaction reports in connection with money laundering.

Child exploitation and related material made up the bulk of the watchdog’s intelligence reports.

An online child sexual abuse investigation resulted in the rescue of three children and the arrest of a woman in the Philippines last year after analyzing money transfers from Australian citizens.

The watchdog was part of an investigation that led to the arrest of six people who allegedly made fraudulent claims against the National Disability Insurance Agency.

More than $ 2 million in assets were seized as part of the investigation.

It also contributed to investigations into 23 million anti-money laundering and anti-terrorism law violations by Westpac, which resulted in a $ 1.3 billion fine.

In the past fiscal year, there were more than $ 2.17 million cash transfers for $ 10,000 that triggered a threshold transaction report.

Australian Associated Press

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