Page 27 - Punjab Times September 2019 Edition

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AUSTRAC launches campaign against illegal money transfer dealers

Sudney (Bureau) AUSTRAC banking services may not be “Money laundering enables To raise public awareness of the community risks associated
has launched a campaign available. criminal activity that causes real the risks posed by illegal money with unregistered money
targeting illegal money transfer In 2018/19 individuals and harm to Australians, such as transfer dealers, AUSTRAC is transfer dealers throughout
dealers. businesses reported $60 billion human trafficking, child conducting a community September to November.
Money transfer dealers that worth of international funds exploitation, illegal firearm sales campaign. AUSTRAC staff will be “Dealers who are providing an
have not registered with transfer instructions sent and and drug trafficking. visiting communities and unregistered money transfer
AUSTRAC and are operating received by people in Australia Registered money transfer registered businesses across service must stop now and
illegally are at a high risk of having using registered money transfer businesses play an important role Australia to talk about the threat contact AUSTRAC to begin the
their services abused by criminals services. In the same year there in protecting Australia’s financial that unregistered money transfer registration process,” Ms Rose
groups and do not have the were around 17.3 million system from criminal abuse. dealers pose, and how people said.
same level of risk protections in transactions reported through They are required to put in can anonymously report There are large penalties for
place as registered money Australia’s registered remittance place appropriate safeguards to suspected unregistered dealers. businesses who fail to register
transfer businesses. sector. harden and protect their Community members are being with AUSTRAC, including fines of
Money transfer businesses AUSTRAC CEO, Nicole Rose, business against criminals who encouraged to use registered up to $420,000, seven years’ jail,
that are not a financial institution said unregistered money transfer try to use them to launder their money transfer businesses listed or both.
such as a bank or credit union dealers represent a real threat to dirty money. Supporting on AUSTRAC’s website. To find out more about the
offer a valuable service to their Australian communities as they unregistered money transfer The campaign will see a series issue of unregistered money
communities by allowing them to are used as havens for criminals dealers can potentially attract of town hall meetings held in transfer dealers, visit
send money to family and friends to move money to fund their criminals into a community”, Ms Sydney, Melbourne, Perth and w w w .austrac.go v .au/
overseas where traditional criminal activities. Rose said. Brisbane to raise awareness of moneytransfer
AIBC NSW: Forging new opportunities

AIBC New South Wales’ new management committee poised to deliver and unveils action plans

AIBC National Board to promote for everyone to contribute and
mutual trade opportunities in we welcome new members.
New South Wales. I am pleased We want to be more open,
to lead a committed and transparent and receptive to
motivated team of professionals our members’ feedback,” he
and high achievers all focussed added.
on delivering outcomes. Apart The AIBC NSW Events
from traditional industrieslike calendar is being rolled out
Information Technology, commencing with the
Agriculture, Education, Mining welcome reception for Mr
etc, the AIBC NSW Committee Manish Gupta, the newConsul
will be supporting the, “Make in General of India, Sydney, on
India Focus Group,” to promote 2 September.This event will
new opportunities in Energy be held in partnership with
management, Health, Food AIBC National Platinum Partner
processing, Hospitality, Sport – Deloitte.
and Services sectors.
“We will be very closely Following are the members of
working with industry chapters the new AIBC NSW
and professionals to deliver a management committee:
two-way outcome for NSW and 1. Sameer Arora- President
Indian businesses.We will 2. Amitav Goswami–Vice
certainly be encouraging President
innovation and start up 3. Sangeeta Venkatesan –
businesses taking advantage of NSW Treasurer
the skilled young professionals 4. Irfan Malik
between NSW and India,” Mr 5. Vish Viswanathan
Arora stated. 6. Dr. Partha Mukherjee
“The membership drive is 7. Ram Goramandala
very much part our agenda. 8. Preeti Bajaj
Sydney (Bureau) “It is going Sameer Arora, the newly NSW). Boosting corporate and 9. Rohitas Batta
to be an action-packed year for elected President of Australia “We have developed action professional memberships is an For further details, please
us and we are excited about India Business Council Ltd New plansand programs in alignment immediate action item. The contact the NSW Secretariat at
new opportunities,” beamed South Wales Chapter (AIBC with strategies identified by the more the merrier. There is scope - aibcnsw@aibc.org.au