NCJ Number
238473
Date Published
2009
Length
125 pages
Annotation
This report updates a 1995 estimate of the extent of money laundering in and through Australia, and it extends the analysis of the extent of money laundering to an assessment of the links between crime and money laundering in the Asia-Pacific region as well as the links between money laundering to terrorism in the region.
Abstract
Based on questionnaires and empirical data, this report has found that the extent of money laundering in and through Australia is probably approximately the same level as in 1995. This is largely due to the increased effectiveness of law enforcement agencies in seizing large quantities of drugs, which has an impact on the amount of money required to be laundered. In addition to increases in drug seizures, fraud has also been a target of tax and revenue law enforcement in Australia. This report estimates that crime in Australia generates between AUD 2.8 billion and AUD 6.3 billion, with the most likely estimate being approximately AUD 4.5 billion. The lower of the estimates is based on the results of an expert survey and considerable local knowledge of Australia and the major crimes known to officials. The higher estimate was derived from an analysis of the costs of property crime in Australia and the potential profits of the illicit drug trades. More information is needed to gauge the extent to which the proceeds of crime in Australia are laundered outside of Australia, as well as the extent of the laundering in Australia of proceeds of foreign crimes. The survey suggests that criminals in Australia tend to invest in real estate, gambling, and luxury goods. This report has built on the 1995 report by using surveys of Australian law enforcement officials, overseas financial intelligence units, and researchers both in Australia and overseas. 36 tables, 17 figures, and 138 references