INTHEBLACK June/July 2024 - Magazine - Page 19
of dollars that had been earned from a range
of illegal activities.
The Australian Institute of Criminology
estimates that serious and organised crime
cost the Australian community up to
A$60.1 billion in 2020–21, with illicit
financing at the centre of most crime types.
The United Nations Office on Drugs and
Crime (UNDOC) estimates that between
2 and 5 per cent of global gross domestic
product (GDP) – or between US$800 billion
(A$1.2 trillion) and US$2 trillion
(A$3 trillion) – is laundered globally.
AUSTRAC, Australia’s anti-money
laundering and counter-terrorism financing
(AML/CTF) regulator and financial
intelligence unit, reports that in 2022–23
it handled more than 317,000 suspicious
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