On 8th November, FATF published a follow-up report on Australia’s progress in strengthening its framework to tackle money laundering and terrorist financing since its 2015 mutual evaluation. Australia has been in an enhanced follow-up process. This report analyses Australia’s progress in addressing the technical compliance deficiencies identified in the mutual evaluation report. To reflect this progress, the FATF has re-rated Australia on Recommendations –
5 – Terrorist financing offence: from largely compliant to compliant;
8 – Non-profit organisations: from non-compliant to largely compliant;
15 – New Technologies from: largely compliant to compliant;
19 – Higher-risk countries: from partially compliant to largely compliant;
30 – Responsibilities of law enforcement and investigative authorities: from largely compliant to compliant;
32 – Cash couriers: from largely compliant to compliant; and
36 – International instruments: from largely compliant to compliant.
FATF agreed to maintain the partially compliant rating for Recommendation 18 and the compliant rating for Recommendations 7 and 21.