The Australian Transaction Reports and Analysis Centre (AUSTRAC) is Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) regulator. The regulator says that Australian jihadists have taken to getting small bank loans with no intention of paying them back and maxing out credit cards or overdraft limits immediately before travelling to Syria and Iraq.
In addition to these small loans and maxing out credit cards, banks are also struggling with an increasing number of customers who open bank accounts and provide the debit or credit card to a member of a terrorist group to allow them to make withdrawals from overseas ATMs.
In its recent report AUSTRAC, said that there was a 300 per cent increase in reports to the national financial intelligence agency, of suspicious transactions relating to terrorism. This totalled $53 million that had moved through Australian financial institutions.
As is the case with all Governments, Australia is determined to detect and disrupt terrorism financing and take action against people who provide support to terrorist organizations.
Based on information from AUSTRAC. A full copy of the annual report is available at www.austrac.gov.au.