WIREDGOV

Two National Crime Agency officers have been seconded to support Australia launch the world’s first physically co-located alliance of public and private sector bodies aimed at combating serious financial crime.

The NCA officers were specially selected for their expertise and experience working at the UK’s Joint Money Laundering Intelligence Taskforce (JMLIT – a partnership of UK law enforcement, government and banks) which was set up in 2015 and the JFAC (Joint Financial Analysis Centre).

Their role will include sharing their experience of setting up the JMLIT and will contribute on global money laundering issues such as the Panama Papers – the leak of 11.5m papers relating to offshore tax havens.

The Fintel Alliance comprises 19 partners including Australia’s financial intelligence agency AUSTRAC, the Australian Federal Police, NSW Police, Australian Tax Office, banks, Western Union and PayPal.

It brings together under one roof the collective knowledge and resources of government and industry and will target terror financiers, gangs dealing in the proceeds of crime and white-collar criminals who think their crimes are victimless.

The initiative was formally launched recently (03 March 2017) by Australia’s justice minister Michael Keenan.

Donald Toon, NCA director of economic crime, said: “The NCA, through the creation of the JMLIT, has a wealth of experience of working in partnership with the financial sector and other law enforcement colleagues.

“We are proud to support the Australian alliance which takes the public private engagement to new levels through the physical co-location of staff.

“It is through international partnerships such as this that we will be able to extend our reach to combat the serious financial crime that underpins organised crime and corruption.”

Since the JMLIT was launched, it has dealt with more than 700 suspicious activity reports, restrained £12m, resulted in 79 arrests and seen more than 1,000 bank-led investigations.