How the taskforce operates

About the Serious Financial Crime Taskforce

The Serious Financial Crime Taskforce (SFCT) is an ATO-led joint-agency taskforce established on 1 July 2015. It brings together the knowledge, resources and experience of law enforcement and regulatory agencies to identify and address the most serious and complex forms of financial crime.

The SFCT includes:

• Attorney-General's DepartmentExternal Link (AGD)
• Australian Border ForceExternal Link (ABF)
• Australian Criminal Intelligence CommissionExternal Link (ACIC)
• Australian Federal PoliceExternal Link (AFP)
• Australian Securities and Investments CommissionExternal Link (ASIC)
• Australian Tax Office (ATO)
• Australian Transaction Reports and Analysis CentreExternal Link (AUSTRAC)
• The Office of the Director of Public Prosecutions (Cth)External Link) (CDPP)
• Department of Home AffairsExternal Link (Home Affairs)
• Services AustraliaExternal Link

Serious financial crime

Each year, serious financial crime costs the Australian community millions of dollars in lost revenue. With the support of partner agencies, we are committed to preventing, detecting and dealing with this kind of criminal activity through the SFCT.

Rapidly evolving technology provides a platform for criminals to become more active, finding new ways to target vulnerable people. The SFCT investigates the most serious offenders of these crimes, and brings them to account. In response to the evolving economic landscape and emerging threats, the SFCT is currently focused on identifying and addressing serious financial crime that present the highest risk to Australia's tax and superannuation systems relating to 6 strategic priorities:

1. Trade-based money laundering which involves disguising the proceeds of crime by moving illicit funds through trade transactions to make them appear legitimate.
   • Led by the Australian Border Force (ABF).
2. Exploitation of virtual assets which involves the use of digital currencies, tokens, or other online assets to enable illegal activities.
   • Led by the Australian Transaction Reports and Analysis Centre (AUSTRAC).
3. Exploitation of digital technology in the financial system which involves the use of advanced technologies and digital tools to conduct illegal activities.
   • Led by the Australian Transaction Reports and Analysis Centre (AUSTRAC).
4. Identity fraud in the digital environment which occurs when stolen or fabricated personal information is used online to commit financial theft and unauthorised access.
   • Led by Services Australia (SA).
5. Migrant Worker Exploitation which relates to migrant workers being exploited, and exploitation of the migration system itself, in the pursuit of criminal or malicious activities, including serious financial crime.
   • Led by the Department of Home Affairs (DHA).
6. High Risk and Emerging Tax Crimes which relates to illegal activities aimed at evading tax obligations to obtain a financial benefit.
   • Led by the Australian Taxation Office (ATO)

In addition to these priorities, we're also focused on tackling serious financial crime by targeting professional facilitators, cybercrime, regulated operators and transnational crime in the Indo-Pacific region.

In July 2023, the Government provided $223.8 million to the ATO over 4 years to extend the SFCT through to 30 June 2027 and merge the SFCT with the Serious Organised Crime program. This maximises the disruption of organised crime groups that seek to undermine the integrity of Australia's public finances.

Continued funding allows us to leverage the capabilities and powers of Commonwealth law enforcement and regulatory agencies. It also enables the SFCT to keep sharing our collective knowledge, resources and experience to target the most serious and complex forms of financial crime that present the highest risk to Australia's tax and superannuation systems.

The SFCT also supports Australia’s involvement as a member of the Joint Chiefs of Global Tax Enforcement (J5). This allows us to work together globally with leaders of tax enforcement authorities from Canada, UK, USA and the Netherlands to further disrupt transnational tax crime and money laundering.

As a member of the SFCT, we are equipped with the resources, data-matching capability and international and domestic intelligence-sharing relationships to uncover even the most intricately-planned serious financial crimes.

Serious Financial Crime Taskforce – making a difference

Watch our video to learn more about the SFCT, and the difference it is making to address serious financial crime.