Australia’s major banks have ramped up efforts to combat illicit tobacco-linked money laundering, filing hundreds of suspicious activity reports and forcing over 1,000 customers out following regulatory pressure from AUSTRAC, according to the Australian Broadcasting Company. According to the article, the illegal tobacco market, which is estimated at up to $6.9 billion and as much as 60% of total sales, is increasingly tied to organized crime, prompting closer scrutiny of tobacco retailers and financial transactions.
Authorities say enhanced intelligence-sharing between banks and law enforcement is yielding results, including large seizures, as part of a broader push to disrupt criminal networks profiting from the trade. Since calling for a crackdown in November, AUSTRAC received more than 300 suspicious matter reports from banks involving illicit tobacco and made more than 70 referrals to law enforcement.
