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Australia to tackle bribery in offshore jurisdictions

Staff writer ▼ | April 27, 2016
Australia is boosting its efforts to tackle bribery in offshore jurisdictions. The government is investing a further $15 million over three years to strengthen the capacity of the Australian Federal Police and specialist agencies.
Australia government
Down under   The government is investing a further $15 million
"These funds will be used to expand and enhance the foreign bribery investigation teams of the Fraud and Anti-Corruption Centre (FAC), a multi-agency initiative based within the Australian Federal Police (AFP), set up by the Coalition Government in July 2014.

"Since its inception, the Centre has dramatically improved our capacity to deal with fraud and corruption by drawing on the forensic and analytical capacities of 11 departments and Australian government agencies.

"The Centre includes permanent representatives of the Australian Tax Office, the Australian Crime Commission and the anti-money laundering and counter-terrorism financing agency AUSTRAC.

"The new funds will also support the Centre’s 18 ongoing foreign bribery investigations.

"The power of this multi-agency approach has been underscored by the ATO’s recent success in identifying more than 800 Australian names in the Panama Papers and matching about 80 of those names to the ACC’s serious and organised crime intelligence data base.

"This breakthrough led to an urgent meeting of eight agencies on April 12 to coordinate our whole of government response, which will include investigations of suspected tax evasion and other serious financial crimes.

"This new initiative will fund three foreign bribery investigative teams – 26 new positions within the AFP – which include investigators, forensic accountants and proceeds of crime litigators. The money will be sourced from confiscated proceeds of crime," the government said.


 

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