Submission: Inquiry into the capability of law enforcement to respond to money laundering and financial crime
Transparency International Australia with significant contributions from Uniting Church in Australia, Synod of Victoria and Tasmania is pleased to provide the following comments and recommendations to the inquiry into the capability of law enforcement to respond to money laundering and financial crime.
Financial crimes are not victimless crimes as much of the resultant dirty money flows out of poorer countries into the economies of wealthy countries where it is legitimised. This robs local people of their national wealth, allows criminals to hide their ill-gotten gains and can distort markets in the destination economy, such as real estate.
Law enforcement is unable to meaningfully respond to money laundering and financial crime if it is not provided with reasonable tools with which to do so.