The SFCT’s identikit outlines a number of criminal “personas” involved in financial crime and how to spot suspicious behaviour that ranges from hardcore criminals connected to international crime syndicates to professional enablers, cyber criminals and launderers.
“Direct victims of serious financial crime include people who have had their life savings targeted or identities stolen, through to people and businesses that are not paid for services provided to a company they thought was legitimate,” SFCT chief Will Day said.
“Meanwhile every one of us is a victim too because of the millions of dollars that doesn’t go into our tax system for essential services such as education and health.
“We also know that money obtained through tax evasion, tax fraud and crimes like money laundering may be used to fund other crimes such as drug trafficking that cause significant harm to people and our communities.”
Mr Day told InvestorDaily on Wednesday that anyone working in the financial services sector should make contact if they know anyone involved in suspicious or criminal activity.
“If advisers or anyone working in the financial services sector suspect a client or colleague is involved in serious financial crime they can let us know,” Mr Day said.
“Anonymous tip-offs can be made at www.ato.gov.au/tipoff or by calling the ATO tip-off line on 1800 060 062.
“Professional associations can also provide advice if you have concerns.”
Neil Griffiths
Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.
Neil is also the host of the ifa show podcast.
