AUSTRAC partners GB regulator to fight financial crime

14 January 2020

The Australian Transaction Reports and Analysis Centre (AUSTRAC) and the Great Britain Gambling Commission have signed a Memorandum of Understanding (MoU) to allow both agencies to share regulatory and compliance information.

Under the agreement, the organisations will share information related to money laundering, terrorism financing, corruption and other serious crimes.

AUSTRAC chief executive Nicole Rose said the MoU shows that both agencies are committed to tackling financial crime.

“Financial crime is a global issue,” Rose explained, “It is critical we work together with our international partners to tackle this issue”.

“The signing of this MoU brings the number of jurisdictions AUSTRAC shares regulatory intelligence with to five. This is in addition to its MoUs with 93 financial intelligence units in the global network – further strengthening AUSTRAC’s international network to track illicit funds across the globe”.

AUSTRAC has also signed MoUs with groups in the United States, Canada, New Zealand and China.

The news comes the same day as the Gambling Commission announced major regulatory changes for its licence-holders. The commission announced that it would institute a ban on credit cards for online and land-based gambling from 14 April, while all online gambling operators will be required to sign up to the GamStop self-exclusion scheme from 31 March.

Last week (10 January), new money laundering rules also came into effect for GB licence-holders. The major changes to the Money Laundering Regulations include regulation 19, whereby all operators must make sure appropriate measures are in place to prevent money laundering when launching new products or business practices.