A funding boost of $20 million has been awarded to the Australian Transaction Reports and Analysis Centre (AUSTRAC), part of which will go toward procuring new intelligence systems for the agency.
In its capacity as Australia’s Financial Intelligence Unit, AUSTRAC analyses financial transaction information to identify patterns of suspicious activities.
The need for the new systems follows the increasingly complex methods being used to transfer funds to illegal overseas organisations.
“[The increasingly small amounts of money used in terrorism financing] makes it more difficult for both authorities and industry to detect suspicious transactions among the significant volume of legitimate transactions that occur every day."
The funding, which is part of a wider $630 million counter terrorism package, will also be used to hire new analysts to aid in the detection and disruption of terrorism financing.
The decision followed the release of a report entitled Terrorism Financing in Australia 2014, which detailed the security risk posed to Australia by terrorism.