MONEY launderers, terrorist financiers and deadbeat dads will face tighter examination of their financial transactions as Australia’s financial surveillance agency Austrac adds more computing power to its arsenal. Austrac – which tracks large and suspicious payments through the banking system under the provisions of the Financial Transactions Reporting Act – has been rolling out a range of reporting tools to help it churn through more data as pressure increases on its resources. The 2004 federal budget allocated the agency an extra $36 million over four years to boost its capabilities. Some $3.4 million will go into additional IT systems. Austrac has 70 million transactions in its TRAQ database, and sifts through 60,000 new ones each day. Full Story
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