A Critical Analysis of the Effectiveness of Anti-Money Laundering Measures with Reference to Australia
The global Financial Action Task Force (FATF) anti-money laundering (AML) standards provide a framework for judging national AML laws and policy. Since 2013, international peer review assessments of countries’ AML systems rate effectiveness equally as important as technical compliance. A detailed examination of Australia’s AML record is the focus of this chapter, because Australia is one of the first countries to be assessed under the new criterion of effectiveness. Ironically, Australia’s greatest success in its AML system has been achieved in tax enforcement, relying on mandatory collection of international funds transfer information, which is not part of the requirements of the global standards, and yet it is a relatively costless measure.