BRISBANE - Terror groups are using charities and businesses to launder money, an international conference has heard.
The 12th Annual Asia Pacific Group on Money Laundering, co-chaired by Australian Federal Police Commissioner Mick Keelty, heard that more needed to be done to stem the flow of money through charities and
businesses to terrorists.
The federal government yesterday released a publication for non-profit organisations to help safeguard against terrorism financing.
Home Affairs Minister Brendan O'Connor, who opened the week-long conference, said terrorism had become a transnational problem, posing risks to international financial systems and global security.
"The Asia Pacific Group on Money Laundering plays a vital role in the fight against money laundering and terrorism financing," he told the more than 300 international delegates at the Brisbane Convention Centre.
"Terrorist groups are funded through the drug trade and fraud, but funding can also come from legitimate sources such as charitable organisations and business profits."
Opposition spokesman James Wood said it was important the mechanisms were in place to prevent Australia allowing terrorist groups to launder money through the country.
"They [terrorist groups] set up charities, so you have the people with the best intentions donating money to a terrorist organisation and the money is laundered."
New legislation has been introduced to strengthen the criminal asset confiscation regime, which includes unexplained wealth provisions that mean individuals must prove their wealth was legally acquired, O'Connor said.
The Asia Pacific Group conference is made up of 40 delegations, including China and, for the first time, Papua New Guinea.
- AAP
