The Australian Government has announced nearly $5.2 million in funding to AUSTRAC to work on targeted risk assessments with industry.
The funds will be provided over three years from assets confiscated by the Commonwealth as proceeds of crime.
The Minister for Home Affairs Peter Dutton announced the new funding today in Sydney while opening the 25th Plenary of the Egmont Group, the international peak body of financial intelligence units.
"AUSTRAC will undertake important work with industry partners through the Fintel Alliance to analyse the risk of money laundering and terrorism financing in the banking, gambling and remittance sectors," Mr Dutton said.
The Fintel Alliance, an AUSTRAC initiative, is a world first public-private partnership which brings together analysts from AUSTRAC, the regulated industry and government partners to work together on operational priorities related to serious financial crime.
"In Australia we are focused more than ever before on partnering with the private sector to deepen the understanding of the risks, threats and activities impacting our countries and the broader financial system," Mr Dutton said.
"Fintel Alliance is a great example of the success of public private partnerships, the theme of this year's Egmont, and shows AUSTRAC's commitment to working with industry to combat financial crime together on a global scale."
This targeted Risk Assessment Program aims to identify gaps and risks that can help industry and government to protect the Australian community from criminal abuse of the financial system.
The Egmont Plenary brings together experts from financial intelligence units from around the world and provides a platform for strengthened collaboration for fighting serious financial crime.