AUSTRAC shares information with the ATO

AUSTRAC has released its annual report for 2011–2012, which highlights the growing role of financial intelligence in tackling crime, including tax evasion. The report details how information sharing between AUSTRAC and the ATO assisted with 3,745 cases that resulted in $252 million in additional tax assessments being raised. AUSTRAC also reported that financial intelligence assisted with 973 Centrelink cases, contributing to total annualised savings of $3.1 million.

Sources: AUSTRAC annual report 2011-12, www.austrac.gov.au/annual_report_11_12.html;

AUSTRAC media release, 16 October 2012, www.austrac.gov.au/16oct2012.html.