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International Monetary Fund

-General’s portfolio. AUSTRAC collects financial transaction reports information from a range of prescribed cash dealers, including the financial services and gaming sectors, as well as solicitors and members of the public. 17. Under the FTR Act, “cash dealers” (types of financial institutions covered by the Act, which include casinos, bookmakers and bullion sellers) submit a range of financial transaction reports to AUSTRAC, including reports on suspicious transactions (SUSTRs) and international funds transfers (IFTIs) (regardless of amount). They are also required to report

International Monetary Fund
The report provides a summary of the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) measures in place in Australia. It describes and analyzes those measures, and provides recommendations on how certain aspects of the system could be strengthened. Under the Financial Transactions Reports (FTR) Act 1988, cash dealers submit a range of financial transaction reports to AUSTRAC, including reports on suspicious transactions (SUSTRs) and international fund transfers. Australia’s legislative framework does not distinguish between financial institutions or specify AML/CFT obligations for financial institutions on the basis of risk. The FTR Act also applies outside Australia.
International Monetary Fund

/CFT regulator. AUSTRAC was established in 1989 as an independent authority within the Australian Government’s Attorney-General’s portfolio. AUSTRAC collects financial transaction reports information from a range of prescribed cash dealers, including the financial services and gaming sectors, as well as solicitors and members of the public. 14. Under the FTR Act, “cash dealers” (types of financial institutions covered by the Act, which include casinos, bookmakers and bullion sellers) submit a range of financial transaction reports to AUSTRAC, including reports on suspicious

International Monetary Fund
The evaluation of the anti-money laundering (AML) and combating the financing of terrorism (CFT) regime of Australia was based on the Forty Recommendations 2003 and the Eight Special Recommendations on Terrorist Financing 2001 of the Financial Action Task Force (FATF), and was prepared using the AML/CFT Methodology 2004. It describes and analyses those measures and provides recommendations on how certain aspects of the system could be strengthened. It also sets out Australia’s levels of compliance with the FATF 40+8 Recommendations.
International Monetary Fund

influence, to all agencies. 165. AUSTRAC was established in 1989 under section 35 of the Financial Transaction Reports Act 1988 (FTR Act) as an independent authority within the Australian Government’s Attorney General’s portfolio. AUSTRAC collects financial transaction reports information from a range of prescribed cash dealers, including the financial services and gaming sectors, as well as solicitors and members of the public. This information is made available on-line to AUSTRAC’s 28 partner agencies. In addition, AUSTRAC analyses this information and disseminates

International Monetary Fund
Palau’s detailed assessment report on Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) has been examined. Palau has strengthened its AML/CFT legislative framework that has been in place since 2001 with the amendments to the Money Laundering and Proceeds of Crime Act of 2001 (MLPCA) and the Financial Institutions Act of 2001, as well as the enactments of the Counter-Terrorism Act of 2007 and the Cash Courier Disclosure Act of 2007. The offense of money laundering is criminalized in the MLPCA.
International Monetary Fund

and state licenses. 49. Insurers and insurance intermediaries are defined as “cash dealers” or “over-the-counter (OTC) exchange dealers” under Section 4(e)(1) of the MLPCA. If they are categorized as “OTC exchange dealers,” they are required to be licensed by the Minister of Justice (MOJ) under Section 15 of the MLPCA. If they are categorized as “cash dealers,” there are no licensing or supervisory requirements under the MLPCA. There is no insurance legislation for prudential supervision of insurers and insurance intermediaries. Insurance agents provide life

International Monetary Fund

insurance and other investment related insurance (including insurance undertakings and to insurance intermediaries (agents and brokers)) 1. Life insurance companies 2. Lateral pension funds 3. Life insurance agents and brokers 1. FSC 2. FSC 13. Money and currency changing 1. Banks 2. Cash dealers 1. BoM 2. BoM Table 4. Employment in the Banking Sector March 2005 March 2006 Male Female Both Male Female Both Financial Intermediation 4648 3753 8401 4910 4099 9009