Aussie gov't partners with public sector to combat terror funding

The Australian government has formed a world-first partnership between its financial intelligence agency and the public sector in an attempt to further combat terrorism funding, the nation's justice minister said on Friday.

Michael Keenan, also Australia's minister assisting the prime minister for counter terrorism, said the "Fintel Alliance" would comprise 19 entities including Australia's financial intelligence agency, AUSTRAC, the Australian Federal Police, banks and online money transfer companies Paypal and Western Union.

"This is the first true public-private partnership of its kind in the world, and brings together under the one roof the collective knowledge and resources of government and industry," Keenan said in a statement released on Friday.

"The alliance will identify, target, disrupt and deter money laundering and terrorism financing in a way never-seen-before in the world. It has its sights firmly set on terror financiers and gangs who deal in proceeds of crime, as well as white-collar criminals who think their crimes are victimless.

"The alliance has established an Operations Hub where government and industry intelligence analysts will work side by side on joint operational projects, sharing information in near real time."

Keenan said the announcement of the alliance keeps Australia "ahead of the pack" when it comes to combating the issue of terror financing and financial crime.

"The alliance will be underpinned by a ground-breaking (course) to train the next generation of analysts across law enforcement, intelligence agencies and businesses," Keenan's statement said.

"Australia is acknowledged as a world leader in combating financial crime. This is the beginning of a national and global alliance that will leave nowhere for criminals to hide in the financial system." Endit