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When financial intelligence units (FIUs), from all over the Pacific, meet in Brisbane, the main focus will be on identifying ways to combat serious criminal financial activity.
AUSTRAC hosts the Pacific Financial Intelligence Community Plenary (PFIC), which brings together representatives from 13 Pacific Nations.
This three-day event is currently underway and provides an excellent opportunity for the FIUs in order to explore further initiatives to combat financial crime. The event includes joint operations, intelligence-sharing, capacity-building and regional technological advancements.
Since the last PFIC meeting, held in Cook Islands last year, members of PFIC have concentrated their efforts on combating corruption, transnational organised crimes, and child sexual exploitation. AUSTRAC worked with FIUs in order to provide them the training and capability required to identify and combat these crimes.
This year’s meeting will not only address ongoing issues like money laundering but also emerging ones such as the illicit use of cryptocurrency and new payment platforms, as well as gambling in the area.
AUSTRAC CEO Brendan Thomas stated that PFIC was a good example for the value of strong regional partnerships in combating money laundering, and other serious financial crimes.
Thomas stated that “as Australia’s Financial Intelligence Unit, we are not only focused on ensuring Australia’s security in the financial system. We also have a role to play working with our neighbors to combat the harms caused by criminal networks throughout the region.”
“To put things into perspective, each of these crimes is committed by people who have been devastated by online scams or child sexual exploitation. Environmental crimes, drug trafficking, and environmental crimes can also be a part of the crime.
The PFIC was created by AUSTRAC in 2021, along with other regional partners to encourage greater collaboration between Pacific FIUs. We’re proud of what it has already achieved.
Walter Henry, the outgoing co-chair of PFIC and the head of the Cook Islands FIU, has said he is honored to have been a leader in PFIC for the past two years.
“Serious Financial Crime affects all our Nations, so we need to work together to combat threats that undermine our financial safety and community security,” said Mr Henry.
The PFIC has proved to be a valuable channel for sharing information, working on capability improvements and staying abreast of emerging threats and technological developments.
The Attorney-General is scheduled to address the conference to discuss Australia’s commitment to strengthening Australia’s anti money laundering system and its ongoing efforts to build strong regional partnerships.
Attendees will include representatives from Australia, Cook Islands Fiji, Kiribati Nauru New Zealand, Palau Papua New Guinea Republic of Marshall Islands Samoa Solomon Islands Tonga Vanuatu and Vanuatu.
AUSTRAC is the permanent co-chair of the forum. At the end of the plenary, the Fiji FIU head will take over the rotating position of Co-Chair.