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ACNC to Assess Risk of Terrorism Financing by NFPs

The Australian Charities and Not-for-profits Commission (ACNC) is working with two national finance agencies to assess the risk of money laundering and terrorism financing facing the not-for-profit sector in Australia.

The ACNC said the assessment, which includes a national survey of charities and not-for-profit organisations, would look at the key vulnerabilities and risk indicators of high-risk organisations. According to the ACNC charity register, more than 4,000 Australian charities operate overseas.

“The vast majority of charities operate with integrity and have sound governance practice; however we know, from both international and Australian experience, that some charities can be vulnerable to financing terrorism and money laundering, particularly if they are operating in high-risk regions and do not have sound procedures in place,” ACNC assistant commissioner David Locke said.

Locke said the ACNC was keen to identify what the actual risk of money laundering and terrorism financing was, and to identify strategies to tackle these issues.

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