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The extent of money laundering in and through Australia in 2004


Worldwide concerns over the extent of money laundering, coupled with evidence that major terrorist activities have been facilitated by money laundering techniques, have significantly increased the level of knowledge and interest in the subject. Understanding money laundering demands analysis of the size of the problem and its impacts on society. This report is an account of research conducted by John Walker Crimes Trends Analysis, RMIT University, and AUSTRAC, which aimed to update a 1995 report estimating the cost of money laundering, and identifying risk areas for money laundering in and through Australia. It attempts to explore the range of new types of information developed in the last decade by the establishment of national and international agencies and networks responsible for monitoring money laundering, and to establish the extent of money laundering in and through Australia in 2005, and how it has changed since 1995. Based on questionnaires and empirical data, the study found that the extent of money laundering in Australia was not significantly different from that in 1995. It suggests that Australia's relatively robust financial sector, the investment made in law enforcement and financial intelligence, and the nature of Australia's borders and stability have contributed to a lower than global average extent of laundering.

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