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'Crooks' using Aust stocks to launder cash

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July 12, 2017

The justice minister says the Australian stock market is being used by criminals to launder money.

Australia's stock exchange faces a medium level of threat from criminal exploitation, including through online fraud, a new government report reveals.

Justice Minister Michael Keenan says the latest investigation by the Australian Transaction Reports and Analysis Centre (AUSTRAC) found more than half the suspicious matters reported related to fraud, and mitigation and appropriate reporting processes should be established to protect the securities industry.

"The sector attracts a wide range of criminal threats that often involve sophisticated tactics and methods which make it vulnerable to exploitation, such as cyber-enabled fraud involving the compromise of personal email and trading accounts," Mr Keenand told reporters in Sydney on Wednesday.

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