Executive Summary Included in this Notice is a summary of the Commonwealth counter terrorism laws as they affect members together with suggestions for compliance. The laws create various offences to prevent the use by known terrorists of the legitimate financial system. The primary offence is that of financing terrorism (an offence punishable with life imprisonment for recklessly providing or collecting funds to facilitate terrorist activities). Other offences include the offence of dealing with “freezable” assets; and of making assets available to proscribed persons or entities. Financial institutions are required to freeze terrorist assets that come into their possession. Financial institutions are also required to report suspected terrorist-related transactions to Austrac.
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