Australian financial institutions continue to face allegations of supporting terror attacks undertaken in Asia Pacific regions.
The Commonwealth is investigating Australia in the wake of funding of terror activities conducted in Asian nations from time to time. Federal Justice Minister Michael Keenan confirmed the news, saying that the regulator will look into the matter to examine if Australians are involved in funding terrorist groups that plot and implement terror attacks throughout the Asia Pacific region.
The counter-terrorism summit was conducted in the presence of the Australian justice minister and Attorney-General George Brandis in Bali on Wednesday. The meet was attended by representatives from over 20 nations. The summit heard that card holders with stored values are prone to financial attacks in the region. The meet questioned not only the security of Aussie banks but also their loyalty towards customers.
At the hearing, the Syria-Iraq conflict was also discussed. It also heard how Islamic State terror has increased financing risks in Australia. The funds entering Australia to influence radicalized citizens to plan and implement attacks has been found as a significant issue these days.
Keenan said that a coordinated approach is required in the nation to tackle the issue and cut the cash flow to terror groups. “Very small amounts of money can do a lot of damage, and we know that from bitter experience in Indonesia where small amounts of money financed the Bali bombings, for example,” Keenan said as quoted by the ABC.
“Small amounts of money can do an enormous amount of damage, and we’ve got to be very vigilant to make sure that funds are not flowing out of Australia, but we are vigilant to ensure that that is the case.”
Aussie financial intelligence unit AUSTRAC CEO Paul Jevtovic said that the cash flow figure remains undetermined. He said he wished the figures were known so that it could be discovered how much the groups conducting the terror attacks receive. He added, however, that unknown figures did not mean they couldn’t prevent the authorities from learning about the cash flow and “identifying the methods that terrorism can be funded” so that it could be stopped.