Challenges, Considerations And Barriers To Effective Public-to-private Information Sharing

In short

Australia’s fight against money laundering depends on stronger public-private information sharing. Fintel Alliance successes, regulatory barriers and privacy considerations highlight opportunities to strengthen financial crime intelligence, prevention and detection nationwide.

This article first appeared in FIH Insights September issue

Money laundering is a serious problem, with research indicating organised crime cost Australia between $35.5 billion and $82.3 billion in 2023/4. Stopping money laundering within Australia and across global borders means everyone needs to work co-operatively, which includes sharing information through public and private partnerships to prevent financial crimes. While this is an overarching goal, achieving it is not without its challenges in the absence of appropriate legislative frameworks in place to protect privacy and facilitate co-ordination.