Money laundering and terrorist financing, also referred to jointly as financial crime, have given rise to an extensive legal and regulatory regime across much of the developed world. Banks and other regulated businesses monitor and report their customers' activities to law enforcement agencies. Law enforcement agencies, in turn, sift through a myriad such reports to identify truly criminal behavior and benefit from an ever-expanding array of tools at their disposal to confiscate the proceeds of crime (or funds intended for terrorist use).
Over the past decades, the anti-money laundering and counter-terrorist financing (AML/CTF) regime has come to play an important yet controversial role in criminal justice and financial regulation alike. This role is particularly prominent because money laundering can involve the proceeds of any predicate offense, ranging from drug trafficking to cybercrime, which accounts for the increasingly central role of AML/CTF measures in criminal justice.
The principal objective of this course is to introduce students to key concepts, principles, legal and practical challenges, and policy debates in AML/CTF. These include:
- The scale of the problem and the effectiveness of AML/CTF measures;
- The relationship between money laundering and terrorist financing;
- Key obligations of regulated businesses, including financial institutions, designated non-financial businesses and professions (DNFBPs) and virtual asset service providers (VASPs);
- The operation of the suspicious transaction/activity/matter reporting regime;
- The role of the Financial Action Task Force (FATF) and FATF style regional bodies;
- The impact of technological developments on AML/CTF policies, including the impact of cybercrime and virtual assets.
The course will be of particular relevance to those interested in criminal justice, especially in the fields of organised crime or white-collar crime, or financial regulation. The course will focus principally on Australian law as well as the FATF Recommendations, a set of international standards that de facto shapes domestic AML/CTF regimes, including in Australia.
Upon successful completion, students will have the knowledge and skills to:
- Critically analyse the role of AML/CTF measures in a broader criminal justice context
- Evaluate the objectives of the AML/CTF regime and its suitability to achieving those objectives
- Assess key areas of legal and policy reform in Australia's and global AML/CTF frameworks
- Research major developments that affect the effectiveness of AML/CTF measures
- Essay (75) [LO 1,2,3,4]
- Blog post-style written piece (25) [LO 1,2,3,4]
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- Classes offered in non-standard sessions will be taught on an intensive base with compulsory contact hours (approximately 26 hours of face to face teaching). The course will also require advanced preparation through assigned readings. In total, it is anticipated that the hours required for completion of this course (class preparation, teaching and completion of assessment) will not exceed 120 hours.
- Classes offered during semester periods are expected to have three contact hours per week.
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Requisite and Incompatibility
Students must rely on the approved Class Summary which will be posted to the Programs and Courses site approximately two weeks prior to the commencement of the course. Alternatively, this information will be published in the Program course list when known.
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