AUSTRAC team to target online terrorism

Australia's primary financial intelligence agency, AUSTRAC, has established a new cyber team dedicated to identifying online terrorism financing activities, money laundering and financial fraud.

The new cyber team will use financial and cyber intelligence to investigate online payment platforms and financial cybercrime to crack down on money-laundering and criminal networks.

The AUSTRAC cyber initiative forms part of the Australian Government's Cyber Security Strategy, announced by the Prime Minister in April. It also directly responds to three key recommendations of the government's AML/CTF Review, which was focused on delivering a modern, simplified, streamlined and strengthened AML/CTF regime.

The top priority for the Australian government is to protect its people, economy and way of life from the ever-changing range of national security challenges that we face as a society.

Modern technologies are presenting new and evolving threats, especially from malicious cyber activity. In addition, the use of fraudulent identities continues to be a key enabler of serious and organised crime and terrorism.

AUSTRAC will work with iDcare, Australia and New Zealand's national identity support service, to target job recruitment scams that organised criminal syndicates use to recruit innocent people as money mules.

iDcare has identified 197 clients who have experienced a job scam, as well as 41 cases where innocent people were duped into laundering funds.

The team will also work with the Australian Cybercrime Online Reporting Network (ACORN) Joint Management Group (JMG) to identify patterns and trends that could indicate large-scale financial scams or their methodology.

Strong cybersecurity underpins Australia's economy and is a major priority for the Australian government.

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