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BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.

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BFCSA: Money cops cry out for back-up in war against laundering

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Money cops cry out for back-up in war against laundering

The Australian 12:00am July 10, 2018

Primrose Riordan

 

Australia’s top financial intelligence agency has issued a scathing criticism of the country’s money-laundering laws, and a police watchdog has warned AUSTRAC’s limited resources could leave its staff more vulnerable to corruption.

The comments come after AUSTRAC settled with the Commonwealth Bank over anti-money-laundering allegations for $700 million and after experts warned state governments were failing to properly monitor money laundering through Australian casinos and real estate.

AUSTRAC conducted a self-assessment of its weaknesses in partnership with policing watchdog, the Australian Commission for Law Enforcement Integrity, and the agency has moved to Home Affairs Minister Peter Dutton’s new department.

The watchdog then published a report on the assessment in order to prevent corruption, which was released on Monday.

The ACLEI report’s authors said “highly organised” terrorists and criminals were using technology, social media, crowd-funding platforms and not-for-profit organisations to conceal their work, which was a challenge for AUSTRAC to regulate under current legislation.

“Existing anti-money-laundering and counter-terrorism ­financing legislation in Australia is increasingly unfit for purpose in the face of emerging technology,” the authors wrote.

“Effective legislation is required to respond to both current and future needs.”

The report also flagged issues with AUSTRAC’s current resourcing and suggested its move into Home Affairs could create opportunities for corruption.

“Any organisational change can create opportunities for corruption … Limited resourcing has been a challenge for the expansion of integrity functions or controls,” the authors said.

“During significant restructures, accountability gaps or overlaps can occur and create confusion. Impacted employees can also become stressed or disenfranchised, increasing their corruption vulnerability.”

The report said that due to the agency’s “relatively small staffing numbers” there was a risk of a major impact if one staff member was corrupt.

“Research … indicates that smaller agencies that have relationships with high-risk sectors, like remittance service providers, are particularly vulnerable to corrupt approaches.

“AUSTRAC regulates the financial sector as a necessary guardian, with legal and operational autonomy. It must be appropriately guarded against improper approaches from both the industries they regulate, as well as criminal or terrorist ­entities.”

ACLEI said criminal networks could target AUSTRAC officers.

Earlier this year The Australian reported that NSW police were advised at an intelligence conference in November that Sydney could become a “regional hub” for Guangdong drug manufacturers and Hong Kong criminal organisations engaged in money laundering.

John Langdale, associate professor at the Department of ­Security Studies and Criminology at Macquarie University, said that by approving new casinos and failing to properly monitor money laundering, state governments were effectively encouraging these criminal groups.

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