Australia and Serbia align to fight financial crime
The Australian Transaction Reports and Analysis Centre (AUSTRAC) has signed a memorandum of understanding with Serbia’s financial intelligence unit in an effort to prevent financial crime.
The memorandum, which specifies the terms of the financial intelligence exchange, is a vital step forward in ensuring international cooperation.
AUSTRAC’s exchange of financial intelligence with the Republic of Serbia will assist efforts to track illicit funds across countries and prevent money laundering.
“Australia is involved in millions of international funds transactions each year, so international partnerships are critical in the global fight against money laundering and in protecting the integrity of Australia’s financial system,” said AUSTRAC CEO John Schmidt.
AUSTRAC and Serbia are active members of the Egmont Group, the globally recognised international network of financial intelligence units established to promote cooperation between its members.
The MOUs protect the confidentiality of the information exchanged by the financial intelligence units and ensure that the information will only be used for the purpose for which it is communicated to the foreign country.
The memorandum is the 64th exchange agreement that AUSTRAC has signed with its foreign counterparts, representing AUSTRAC’s continuing commitment to international cooperation.