Terrorist financial assets blocked in Australia
Terrorist financial assets blocked in Australia
Golden Mean has signed an agreement to market software and a database that can be used to prevent money laundering by terrorists and organised crime inside Australia.
The DataScout Compliance & Homeland Security software is a text-based, data matching tool that offers compliance with Australian and global anti-money laundering laws and has to be deployed for any Australian organisation that trades with US-based financial service businesses or government agencies.
It can be used as a stand-alone system working across the Internet, or it can be integrated with existing data intelligence systems.
The WorldCompliance database is used to monitor existing, or potential clients against more than 600,000 known, or suspected terrorists, money launderers, narcotic traffickers, fraudsters and other white-collar criminals and even political people of interest.
Greg Stevens, the managing director for Golden Mean said: "With the Australian Government's commitment to improving homeland security, preventing suspected terrorists and organised crime syndicates using Australia as a base for money laundering is becoming a key issue for many private and public sector organisations.
"Maintaining high quality compliance with government control lists can be very tricky. These lists are updated irregularly, with inconsistent data added across many varying and often non-corresponding fields. Making a correct identity match and avoiding false positives is of critical importance not only to homeland security, but to organisational reputation and presents a new challenge to the 'old' ways of checking customers and financial transactions."
Australian law states that it is a criminal offence to hold assets that are owned or controlled by terrorist organisations or individuals, or to make assets available to them. This is punishable by five years imprisonment. This is making it more and difficult for terrorists to generate, transfer and conceal funds.
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