by Alan Thornhill
Who would fall for a Nigerian bank scam, these days?
Well, an elderly Australian couple did – and sent $500,000 overseas.
That case was just one of many, described in a new report on the operations of organised crime in Australia.
Another involved an Australian travelling overseas, with a suitcase stuffed with cash, that he he was planning to launder.
John Visser, acting chief executive of the financial intelligence unit Austrac estimates that organised crime now costs Australians no less than $15 billion a year.
Mr Visser also said this “is a huge waste and cost to every Australian.
“And for that reason, we want our agencies working hard to dismantle such syndicates.”
Austrac provides financial data and intelligence to state and federal government agencies.
Another case, mentioned in the report, involved drug sales by a bikie gang.
Mr Visser said a pharmacy linked to that motorcycle drug gang received cash deposits worth $1.1 million in just 15 months.
He was addressing a ceremony in Brisbane, at which the Austrac report was launched.
The Federal Home Affairs Minister, Brendan O’Connor, who also attended the function, said the criminal syndicates involved in organised crime could be stopped.
“What we do know is if we can stop the money flow, we can cripple criminal syndicates,” he said appealing for public help.
“What we know it is sometimes the smallest of information that businesses provide can indeed be used effectively by AUSTRAC, by the Australian Federal Police,” Mr O’Connor said.
“This report, particularly going to the case studies, underlines the need for businesses to report certain conduct by consumers, by indeed their own customers,” he added.
Mr O’Connor warned, too, that organised crime in Australia is becoming “increasingly more sophisticated.”
“And so we have to be much more vigilant,” he said.
Alan Thornhill is a parliamentary press gallery journalist.
Private Briefing is updated daily with Australian personal finance news, analysis, and commentary.
Monday May 20
The Dow Jones Index rose 121.18 points Friday,New York time) to 15,354.40
Prime Minister Julia Gillard has received a boost in the latest newspaper polls as she continues her push to get states and territories to sign up to the Federal Government’s education reforms. Fairfax’s latest Nielsen poll says support for Ms Gillard as preferred prime minister has increased four points to 46 per cent, leaving her level with Opposition Leader Tony Abbott, whose support dipped four points.
- Sharon Coulton on Proposed family tax benefit scrapped
- Pete on Rudd government had entered “paralysis:” Gillard
- Liam Knuj on The Prime Minister, Julia Gillard’s, New Year’s Message
- Change is for the better,change is where your heart grows stronger on Family Assistance boost
- Harry on The Prime Minister, Julia Gillard’s, New Year’s Message
|Aud To Usd||0.9769||N/A||N/A|
|Bhp Blt Fpo||34.810||+0.400||+1.16%|
|Cwlth Bank Fpo||73.600||+0.390||+0.53%|
The News This Week
- Small business:a warning
- Where’s Gonski now?
- Super:the political questions
- Abbott casts a wide net
- Tony Abbott offers “Real Solutions”
- Disability bill passes Parliament
- Investment scam closed
- We’re cashed up and confident, but not buying cars
- Tony Abbott talks of tax reform
- PM weeps as she introduces disability levy bill
- A “soft economy” budget:NAB
- Swan puts profit shifters in his sights
- The budget. How they see it
- A belt tightening budget. Where’s the balance?
- Airlines (60)
- Banking (2151)
- Business (2257)
- Communications (49)
- crime (12)
- Disaster (103)
- Economics (2221)
- Environment (100)
- Financial advice (2013)
- Health (81)
- Housing (620)
- Inflation (507)
- Insurance (90)
- Investment (1869)
- Markets (1633)
- Media (117)
- medical (20)
- mining (164)
- pay (67)
- Politics (2200)
- population (71)
- Regulation (914)
- retirement (64)
- Rural australia (100)
- Security (19)
- Social security (229)
- Superannuation (212)
- Tax (349)
- The latest (4)
- Trade (538)
- Uncategorized (334)