Australia and Indonesia to co-host a regional counter-terrorism financing summit
20 August 2015
In November Australia’s and Indonesia’s financial intelligence units, AUSTRAC and PPATK, will co-host the first counter-terrorism financing summit in our region in Sydney.
This summit will boost collective efforts to track terrorism financing and proceeds of crime through a range of financial channels to counter the terror threat and combat transnational crime in the critical parts of our region.
Terrorists and criminals cannot operate without funds, and AUSTRAC plays an integral part in Australia’s national security and crime fighting network to follow the money trail and shut down criminal syndicates.
The agency provides intelligence that is critical to detecting and disrupting terrorism financing and money laundering in Australia by analysing financial intelligence and reporting to federal and state law enforcement, national security and other government agencies.
When Australia’s terror alert was raised to high last year, the Coalition Government invested $20 million to boost AUSTRAC’s ability to stop cash being funnelled to terrorists from Australia, and to crackdown on transnational crimes that fund the drug trade such as crystal meth.
This counter-terrorism financing summit reinforces the Coalition Government’s priority to stop cash being funnelled to terrorists from Australia.
The summit will draw together counter-terrorism financing specialists, law enforcement, national security representatives, policy-makers, industry and academics from ASEAN countries and other key countries who are at the forefront of countering terrorism financing and violent extremism.
While AUSTRAC and PPATK already work collaboratively to protect the national interests of both our countries, this agreement to co-host the summit recognises the strength of the relationship and co-operation between AUSTRAC and PPATK and reflects our respective Governments’ priorities on national security and combatting terrorism.
The summit will be an opportunity to secure regional undertakings to collaborate and share financial and other intelligence to the fullest extent to identify, understand and counter threats posed by terrorism financing, foreign terrorist fighters and violent extremism.
Australia welcomes this unprecedented collaboration between our two countries because following the money trail is an essential element of tackling terrorism, and organised crime and international cooperation is vital in detecting and disrupting illegal operations.
AUSTRAC CEO, Paul Jevtovic APM and PPATK Head, Dr Muhammad Yusuf will co-chair the summit.