AUSTRAC has prepared this Terrorism financing in Australia 2014 report to raise awareness and strengthen the national response to the serious threat of terrorism financing. The report is based on a classified national risk assessment of the Australian terrorism financing environment completed by AUSTRAC in 2014 in collaboration with a number of key partner agencies, particularly the Australian Federal Police (AFP).
This public report presents a consolidated picture of the Australian terrorism financing environment – current and emerging risks and threats, the channels used to raise and transfer funds, indicators to help identify suspicious activity, and the legal and regulatory framework in place to help deter and detect terrorism financing. While classified and sensitive information has been excluded from this public report, its key findings and terrorism financing methodologies, trends and observations are consistent with the classified national risk assessment.
This information will assist government, industry and the Australian community to better understand terrorism financing risks and vulnerabilities and implement appropriate prevention measures. The report will also educate key community groups on the risks associated with sending funds to high-risk overseas destinations and recipients and promote understanding of AUSTRAC’s role and contribution to combating terrorism financing.
Terrorism financing in Australia 2014 complements AUSTRAC’s Money laundering in Australia 2011report to provide an overall picture of the Australian money laundering and terrorism financing environment. Combined with AUSTRAC’s annual typologies and case studies reports, these reports provide AUSTRAC’s reporting entities with valuable background information to assess the specific risks affecting their business.
As the global terrorism financing environment is dynamic and rapidly changing, this report should be considered alongside any recent developments that may affect Australia’s terrorism financing risk.