MEASURES TO ALTERNATIVE REMITTANCE AGENT IN AUSTRALIA

Abstract

Australia is one of the most comprehensive anti-money laundering jurisdictions in the world. It is the law that has anti-money laundering measures in all forms. There are a number of strong anti-money laundering agencies, including AUSTRAC, and there is several law enforcement agencies involved in the fight against money laundering. The law requires that all traders in the system, the Agents have the duty to do transaction report in the system which concludes the information and report suspected to money laundering. Transaction information since 1999, AUSTRAC has established an audit committee on High Risk Cash Dealer transactions, this include that the business of the Bullion Seller, the director must check all the money traded. However, it can be seen that the form of measures applied to Australian informal financial institutions is very similar to the laws of many countries. The problem that Australia is facing with the informal money industry is Informal money transactions are transactions not governed by the banking laws. There is no law governing the registration of informal financial institutions, including informal money. The informal money industry in Australia often laundered money from drug trafficking, crime organization or to evade tax revenue. Therefore, it is necessary to develop legal measures to control the informal money business. Therefore, the Australian government has taken measures to regulate these types of financial transactions by applying legal measures in the Transaction Reporting Act for alternative financial institutions to regulate trading currencies and all kinds of financial instruments. Moreover, the predicate offense of currency trading as tax evasion or related crime should be criminalized.