ACNC boosts money laundering and terrorism financing intelligence

The Australian Senate recently passed legislation which includes the ACNC in the list of designated agencies in the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.

This will allow the ACNC to have direct access to AUSTRAC information, which provides a rich source of intelligence in relation to terrorism financing and money laundering risks in the not-for-profit sector.

We have already seen the benefits of shared projects between the ACNC and AUSTRAC, after the 2017 launch of the ACNC-AUSTRAC risk assessment of Australia’s not-for-profit sector.

The ACNC’s addition to the designated agencies list will allow us to more closely work with AUSTRAC and other relevant organisations, to share information and investigate areas of concern.

To view the full ACNC article, click here.

Let us keep you up-to-date

Subscribe to the NFPAS email newsletter to receive not for profit industry news and special updates.