Bahamas And Australia Sign Anti-Money Laundering Agreement

by Amanda Banks, Tax-News.com, London

05 March 2004

Under a new bilateral arrangement, Australia will strengthen its financial intelligence links with the Bahamas to further boost global cooperation in the ongoing battle against money laundering and the financing of terrorism.

The arrangement has been formalised under a Memorandum of Understanding (MOU) signed recently by director of AUSTRAC (Australia's anti-money laundering regulator and specialist financial intelligence unit) Mr Neil Jensen, and the director of the Financial Intelligence Unit of the Bahamas.

"Australia is at the leading edge of the international effort to combat money laundering and the financing of terrorism, and cooperation between countries to attack these activities is a significant contributor to fighting organised crime," Australia's Minister for Justice and Customs, Senator Ellison observed.

"The ability to share intelligence internationally is vital in the prevention of these serious organised crimes," he added.

AUSTRAC is now able to exchange financial intelligence with 26 countries, with others signed up to agreements including Belgium, Canada, Croatia, Denmark, France, Guernsey, South Korea, Isle of Man, Indonesia, Israel, Italy, Lebanon, Malaysia, Mauritius, the Netherlands, New Zealand, Poland, Portugal, Singapore, Slovenia, South Africa, the United Kingdom, the USA, Vanuatu and Venezuela.

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