ACIC response to Panama papers

Australian Criminal Intelligence Commission

The Australian Criminal Intelligence Commission (ACIC) is working closely with the Australian Taxation Office and other partners including the Serious Financial Crime Taskforce (SFCT) to analyse data received relating to the Panama papers.

We are committed to discovering and understanding criminal wealth and money flows to enable prevention and disruption responses.

The ACIC has used its coercive powers to gather intelligence that has assisted the direction of the Panama papers investigations. We have identified an eight per cent match into our criminal holdings to date and this valuable intelligence will shape future audit and criminal investigation activity.

Broadening the information sharing provisions across law enforcement and other agencies has supported comprehensive intervention and prevention responses to criminal wealth, to minimise the harm to the Australian and international community.

Panama papers investigations have resulted in unprecedented cooperation with international agencies.

The SFCT was established in 2015 and already has completed almost 300 audits and reviews and raised liabilities in excess of $130 million.

Contributing to the SFCT under our Targeting Criminal Wealth determination, the ACIC has shared 455 intelligence products with partners in the past financial year—building a greater understanding of emerging issues.

The Australian Criminal Intelligence Commission will continue to focus its efforts against serious international tax evasion, avoidance and crime.