Contact: Amanda Kennedy
Deloitte
Media and Communications Manager
0418 806 477

Contact: Chris Cass
Deloitte
Forensic Partner
0418 509 360

The arrest of three company directors today by the Australian Crime Commission highlights a number of key trends in international law enforcement and puts financial institutions on notice about knowingly receiving and processing the proceeds of crime, according to Deloitte Forensic Partner, Chris Cass.

"The government is now demonstrating an increased use of the Proceeds of Crime legislation to hit criminals where it hurts and the effectiveness of multi-agency investigations particularly in large and complex financial crimes," Mr Cass said.

"This issue will become even more significant with the passage of Australia’s new anti-money laundering laws and the obligations it places on financial institutions to have programs to prevent this activity.

"Many people in society feel that the scales are weighted in favour of criminals who receive significant funds from their crimes and yet receive only a modest sentence.

"The announcement that Project Wickenby has resulted in $10 million being restrained under the Proceeds of Crime legislation highlights the tangible returns of this type of legislation.

Mr Cass said the success of the Australian Crime Commission and partner agencies highlights an international trend that complex cross border crime is best investigated through a multi-disciplinary taskforce.