OZschwitz slave pen: Number of 'suspicious' money transfers has almost doubled in the past four years

THE number of suspicious money transfers has almost doubled in the past four years.

Last financial year more than 32,000 transactions were reported to the Australian Transaction Reports and Analysis Centre, AUSTRAC, which monitors and analyses international transfers.

The money trail led it to at least six illegal construction workers who had transferred $284,077 to China, the Philippines, Malaysia and Russia within a year.

The workers did not hold current visas, and at the time of transfer they had each given the same home address in Western Australia. Their transfers were always under the reporting threshold of $10,000.

After being detained, deported and told they could not return to Australia for three years, they still have to pay debts for the cost of their detention and deportation.

AUSTRAC, which works with other law enforcement agencies, also tracked down a man who had kidnapped his daughter.

The man was noticed in Thailand after he had transferred money from Britain and Indonesia to Greece and Australia. The alarm was raised when he entered a bank with $30,000 in $100 notes, but deposited only $10,000 before returning soon after to deposit another $10,000.

AUSTRAC noted in its annual report that it had also uncovered drug-trafficking syndicates, a $17 million fraud against a European bank, and a female criminal who had instructed five foreign students to deposit money into her account in amounts of less then $10,000. The scheme, which was carried out with the help of a bank employee, continued after the students had left the country.

Last financial year financial institutions, gambling providers, solicitors, cash dealers, customs, police and other groups handled nearly 20 million transfers.

Any organisation that suspects a transfer may be related to an offence - such as tax evasion or the proceeds of crime - must report the matter to AUSTRAC within three days. If the transfer is suspected of being related to the finance of terrorism, it must be reported within 24 hours.

In 2004-05, about 17,000 suspicious matters were reported.

Three-quarters of the suspicious transactions last year were reported to the Tax Office, the rest to law enforcement offices, customs, Centrelink, immigration authorities, ASIC and other government agencies.

LNK

OZschwitz slave pen: Number of 'suspicious' money transfers has almost doubled in the past four years

OZschwitz slave pen: Number of 'suspicious' money transfers has almost doubled in the past four years

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