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Money Laundering Research Related to Australia Money laundering in and through Australia, 2004 By its nature, money laundering is unlikely ever to be measured accurately, but estimates of its cost to the economy can be made using a range of data sources. This research updates estimates of the cost of money laundering undertaken in 1995 and identifies risk areas for money laundering in and through Australia. It confirms that fraud constitutes the greatest source of laundered funds, followed by the illegal drug trade. The sectors that survey respondents identified as most likely to be utilised to launder money were banking, casinos, real estate and accounting. The mechanisms identified as most commonly used to launder money were cash and wire transfers, credit cards and ‘payable through’ accounts. There was also occasional use of gold and precious metals, and cheques. The respondents identified real estate, further criminal activities, gambling, luxury goods and legitimate business as the most likely activities in which the laundered money was invested. Taking several different methods of estimating losses from money laundering into account, the total estimate for 2004 was $4.5b. While Australia’s mature controls over national and international financial transactions place it at the lower end of the range of costs, the changing international financial environment and increasing sophistication of offenders mean that opportunities for new ways of money laundering continue to develop. Its potential to fund terrorist activities makes its identification and control even more pressing. John Stamp and John Walker
Economic Consequences of Money Laundering Are any separately identifiable economic consequences that arise as a result of this transitional activity; consequences over and above those associated with the criminal activity itself. Neil Mackrell
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