AUSTRAC, Australia’s financial intelligence unit (FIU), has provided Solomon Islands FIU with a new data analytics system that will aid in the detection of money laundering and be used to combat criminal and national security threats.
The TAIPAN system will enable intelligence analysts in Solomon Islands FIU to identify suspicious financial patterns that can trigger a deeper investigation, as money laundering is a common element in most crimes as criminals seek to conceal the source of the funds.
The capabilities of TAIPAN give Solomon Islands, and other Pacific partners, enhanced ability to respond to complex money laundering in the region through innovative triage and interrogation of bulk data.
New technologies are changing the financial landscape in the Pacific which transnational crime syndicates have targeted. AUSTRAC’s partnership with Solomon Islands FIU will mitigate these vulnerabilities, and ensure Pacific Islands are not seen as an attractive conduit by criminals.
AUSTRAC CEO, Nicole Rose PSM, stated that AUSTRAC brings a unique angle to regional security and builds on the established relationships that Australia has in the Pacific.
“As Australia’s financial intelligence agency, AUSTRAC is about ensuring the security of our financial system, and keeping it free from criminal and national security threats. Given our physical proximity to the Pacific, Australia’s financial security cannot be seen in isolation, as we cannot be safe if there are gaps in our region that can be exploited,” said Ms Rose.
“Sharing intelligence, tradecraft and financial tools is critical so that as a region of enduring Pacific partners, we are resistant to threats which undermine our collective financial security and community safety.”
“Issues like money laundering, terrorism financing, and corruption do not just affect any one nation and transcend international borders. This is why uplifting financial intelligence capability in Australia, in the Solomon Islands, and across the Pacific is critical to regional security, economic stability, and community confidence.”
The gifting of the TAIPAN system to Solomon Islands closely follows the inaugural Pacific Financial Intelligence Community plenary meeting held in Port Moresby, a gathering that brought together all of the regions’ financial intelligence units, including Australia and Solomon Islands where all members agreed to work together on fighting regional financial crime threats.
