Keeping Pacific remittances affordable and safe from crime

The Australian Government is committed to keeping financial remittance services between Australia and the Pacific open, affordable and safe from criminal abuse.

Communities across the Pacific rely on money sent from friends and family living and working in Australia. These money transfers fund essential services including education and health, and help communities in the aftermath of natural disasters.

Remittance Corridors: Australia to Pacific Island countries - Money Laundering and Terrorism Financing Risk Assessment, launched today, provides valuable information for banks and remittance businesses on the risks of money laundering and terrorism financing. The assessment found that while the risks associated with these transfers are currently low, governments and businesses must remain vigilant.

The study brought together extensive expertise from the remittance sector, and was a collaboration between Australia's financial intelligence and regulatory agency, AUSTRAC, and the Department of Foreign Affairs and Trade (DFAT).

The Australian Government is enhancing cooperation with Pacific financial intelligence units and regulators in order to strengthen the prevention and detection of financial crime through remittances. AUSTRAC, supported by DFAT, will provide education and training to Pacific counterparts, and put in place arrangements for the sharing of financial intelligence.