The SIC, Lebanon's Financial Intelligence Unit (FIU), receives, analyzes, investigates suspicious transaction reports (STRs) and ensures compliance of banks, financial institutions and other reporting entities with the AML/CFT regulations.
Australia's financial intelligence agency, AUSTRAC, has signed an agreement
with Cambodia financial intelligence unit (CAFIU) for the exchange of financial
The two organizations finalized the deal at the Second Regional
Counter-Terrorism Financing (CTF) Summit 2016 last week.
"This memorandum of understanding (MOU) will expand Australia's
capacity to counter the terror threat and combat transnational crime in the
Southeast Asia region. It sets out the terms for exchanging information, with
protections around confidentiality and the ways the information can be
used," Michael Keenan said.
He added that AUSTRAC's growing international footprint is crucial in the
global fight against money laundering, terrorism financing and serious and
The agreement likewise builds on the other outcomes of the Counter Financing
Terrorism Summit held in Bali, including the release of a combined regional
risk assessment of terrorism financing risk in Southeast Asia.
AUSTRAC, on behalf of Australia, and Cambodia are both members of the Egmont
Group, the international network of financial intelligence units (FIUs)
established to promote cooperation between its member countries.
Earlier last week, Australia, through AUSTRAC, also announced a new cyber
team that would target terrorism financing and financial crime. The new team
will use financial and cyber intelligence to investigate online payment
platforms and financial cybercrime to crack down on money-laundering and
“We know that the use of fraudulent identities continues to be a key enabler
of serious and organized crime and terrorism,” Keenan said in a media release.
The agency will also work with iDcare, Australia and New Zealand's national
identity support service, to target job recruitment scams that organized
criminal syndicates use to recruit innocent people as money mules.
iDcare has identified 197 clients who have experienced a job scam, and 41
cases where innocent people were duped into laundering funds.
The AUSTRAC cyber initiative forms part of the Australian government's Cyber
Security Strategy, announced by the Prime Minister in April.