2016/08/28 10:07 PM

On August 25, 2016, Australia’s Minister of Finance, Malcolm Keenan, announced that the Australian Transaction Reports & Analysis Centre (AUSTRAC), will be launching a new cyber-intelligence team.

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Task Force Designated to Take on “Financial Threats” Facing Australia

AUSTRACThe team is intended to specialize in gathering information about financial threats to the country as as an additional way of preventing and managing finance-related cybercrime.

Some threats the team will attempt to prevent include financial fraud, money laundering, and terrorism financing via the Internet. According to Minister Keenan, new technologies have ensured a regularity of new security threats, the most frequent being malicious cyber activities.

Keenan also said that the facilitation of financial crime has largely been through the use of fake identities, saying that it is still the most…

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