The Australian Transaction Reports and Analysis Centre (AUSTRAC) is stepping up its collaboration with Pacific nations in a bid to combat evolving financial crime threats. This includes serious issues such as child sexual exploitation, abuse of cryptocurrency, and transnational organized crime. AUSTRAC emphasized the importance of regional cooperation in detecting and disrupting these financial crimes.
In its recent statement, AUSTRAC highlighted its ongoing work with Pacific partners, focusing on the establishment of the Pacific Financial Intelligence Community (PFIC). This body connects financial intelligence units across the region, facilitating better data sharing, detection efforts, and coordinated responses to the rising tide of financial crimes. AUSTRAC CEO Brendan Thomas noted that engagement with neighboring countries is crucial, stating that reliance solely on domestic measures would limit success in addressing these transnational threats.
At the recent PFIC plenary held in Brisbane, members prioritized efforts for 2025, focusing specifically on child sexual exploitation, organized crime, and criminal activities involving virtual assets and cryptocurrencies. The increasing internet connectivity and mobile access in the Pacific have compounded risks, resulting in an alarming rise in incidents of online grooming and abuse. Reports from the U.S. National Centre for Missing and Exploited Children highlight a significant uptick in online child exploitation in various island nations.
To further combat these issues, AUSTRAC and Papua New Guinea’s Financial Analysis and Supervision Unit (FASU) are launching an intelligence guide aimed at regional financial intelligence units, law enforcement agencies, and financial institutions. This guide is expected to assist in tracing illicit funds linked to offenders and will be introduced at the upcoming PFIC plenary in Fiji.
Dr. John Moss, AUSTRAC’s Deputy CEO Intelligence and co-chair of PFIC, emphasized the critical role of financial service providers in identifying and halting abuse linked to child exploitation. He remarked on the need to stay ahead of evolving financial crimes, reinforcing that strong regional partnerships are essential to enhancing overall effectiveness.
Collaboration is key, as indicated by ongoing Multilateral Intelligence Projects with Pacific counterparts designed to track cross-border crime and enhance regional expertise through regular training. AUSTRAC has shared its advanced TAIPAN financial intelligence system with ten Pacific countries, empowering local analysts to identify suspicious transaction patterns. Initiatives like the “TAIPAN Games” have been instrumental in building operational capacities within Pacific financial intelligence units and fostering teamwork among them.
The upcoming PFIC plenary in Nadi, Fiji, on October 28th is anticipated as a vital platform for sharing insights and reinforcing collaborations aimed at effectively addressing financial crime in the region. Bringing together 15 financial intelligence units from countries including Australia, Fiji, Samoa, Papua New Guinea, Solomon Islands, Tonga, and Vanuatu, the PFIC is instrumental in ensuring the Pacific remains resilient against the fast-evolving threats of financial crime.
The proactive measures being taken reflect a united front in the Pacific as nations bolster their defenses against organized crime, fostering hope for a safer and more secure environment for all communities involved.