Targeting tax crime: A whole-of-government approach - February 2011

Footnotes

¹ Under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006, since 12 December 2008, reporting entities must submit a Suspicious Matter Report (SMR) if, at any time while dealing with a customer, the entity forms a reasonable suspicion that the matter may be related to an offence, tax evasion, or the proceeds of crime. For many reporting entities, SMRs have progressively replaced suspect transaction reports (SUSTRs), which fall under the Financial Transaction Reports Act 1988. Due to the overlap of these report types being submitted this article refers to these reports collectively as 'suspicious activity reports'.

² The number of disseminations exceeds the number of reports received during the year, as a single report may be sent to multiple agencies and disseminations may include reports received in previous years that relate to current partner agency investigations.

³ Source: Australian Bureau of Statistics (ABS), ABS Report 4528.0. Personal Fraud (2007).