Govt to provide $127.6m to fight financial crime
The Government will provide $127.6 million over four years to aid financial investigations and prosecutions addressing superannuation and investment fraud, identity crime, and tax evasion, it announced today.
It will establish a taskforce building on work done by Project Wickenby — a cross agency task force fighting against tax evasion, avoidance, and crime — that finishes this year. The Government said the taskforce will also help ensure all taxpayers pay their fair share of tax.
Project Wickenby has raised over $2.1 billion in liabilities and has increased tax collections from improved compliance behaviour after interventions.
To date, 76 individuals have been charged with serious offences and there have been 44 criminal convictions.
The Serious Financial Crime Taskforce includes the Australian Taxation Office, Australian Crime Commission, Australian Federal Police, Attorney-General's Department, Australian Transaction Reports and Analysis Centre, Australian Securities and Investments Commission, Commonwealth Director of Public Prosecutions, and Australian Customs and Border Protection Services.
Recommended for you
A strong demand for core fixed income solutions has seen the Betashares Australian Composite Bond ETF surpass $1 billion in funds under management, driven by both advisers and investors.
As the end of the year approaches, two listed advice licensees have seen significant year-on-year improvement in their share price with only one firm reporting a loss since the start of 2025.
Having departed Magellan after more than 18 years, its former head of investment Gerald Stack has been appointed as chief executive of MFF Group.
With scalability becoming increasingly important for advice firms, a specialist consultant says organisational structure and strategic planning can be the biggest hurdles for those chasing growth.
