POWERED BY MOMENTUM MEDIA
ASFA opposes AUSTRAC funding
Key sections of the superannuation industry are objecting to Government moves to have them ante up to help fund the Australian Transaction Reports and Analysis Centre (AUSTRAC).
The industry opposition has been revealed in a submission filed by the Association of Superannuation Funds of Australia (ASFA). It said the Government announced the cost-recovery approach in last year’s Budget but that ASFA is strongly opposed to the proposal, which would be unique to Australia.
What is more, the submission makes clear that the establishment of AUSTRAC to oversee Australia’s Anti-Money Laundering and Counter Terrorism Financing regime (AML/CTF) was the result of the nation meeting its international obligations rather than any domestic shortcomings.
“In effect, the Australian AML/CTF regime was the Government’s response to an international obligation,” ASFA said. “It was not because of a perceived need to, or public demand for, a change to the existing transactions reporting system.”
The submission also noted that the activities undertaken by AUSTRAC and the services it provides do not fall strictly within the cost recovery guidelines administered by the Department of Finance and Deregulation because those being asked to provide funding had not created the need for its existence.
It said there was no evidence that AUSTRAC provided reporting entities with Government goods and limited evidence it provided reporting entities with services.
AUTHOR
Mike Taylor
Recommended for you
The two funds have announced the signing of a non-binding MOU to explore a potential merger.
The board must shift its focus from managing inflation to stimulating the economy with the trimmed mean inflation figure edging closer to the 2.5 per cent target, economists have said.
ASIC chair Joe Longo says superannuation trustees must do more to protect members from misconduct and high-risk schemes.
Super fund mergers are rising, but poor planning during successor fund transfers has left members and employers exposed to serious risks.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
88.01 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
72.60 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
44.24 3 y p.a(%)
4
Pengana High Conviction Equities B
40.36 3 y p.a(%)
5
Pengana High Conviction Equities A
40.34 3 y p.a(%)
