ABSTRACT

Terrorism financing poses a serious threat to Australians and Australian interests at home and abroad. This chapter reviews the extent to which Australia has implemented the 'Financial War on Terrorism'. It first comments on the development and evolution of the Australian counter-terrorist financing (CTF) measures that existed before and after the terrorist attacks in the United States of America on September 11, 2001. The criminalisation of terrorist financing has undergone several legislative amendments since the terrorist attacks in September 2001. The original provisions of the Criminal Code Act 1995 were heavily criticised by successive reports from the Financial Action Task Force and were extended by the Suppression of Terrorist Financing Act 2002 and the Anti-Money Laundering and Counter-Terrorist Financing Act 2006. The Australian government has fully implemented the asset freezing and the sanctions regimes of the UN under Security Council Resolutions 1267 and 1373.