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20 years down the track: Austrac deserving of recognition.

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Fri, 6th February 2009

20 YEARS DOWN THE TRACK: AUSTRAC DESERVING OF RECOGNITION The Hon Sussan Ley MP Shadow Minister for Justice and Customs

The Australian Transaction Reports and Analysis Centre (AUSTRAC) will celebrate its 20th anniversary today.

Shadow Minister for Justice and Customs, Sussan Ley said AUSTRAC was created in 1989 as a Financial Intelligence Unit and now 20 years on its achievements deserve full recognition from the Australian public.

“AUSTRAC has contributed to thousands of law enforcement investigations into serious criminal activity and organised crime, including money laundering and terrorism financing,” she said.

“AUSTRAC is Australia’s anti-money laundering and counter-terrorism financing regulator and is a world class, highly respected financial intelligence unit.

Ms Ley said many Australians would not be aware of the important place AUSTRAC has in assisting in the fight against global crime and protecting the integrity of the Australian financial system.

“AUSTRAC has been at the forefront of high profile cases such as Project Wickenby, the whole-of-government taskforce investigating tax avoidance, tax evasion and large-scale money laundering,” Ms Ley said.