$53m used to finance terror from Australia last year

INTELLIGENCE agencies closely monitored more than 100 Australian-based suspected terrorism financiers last year.

The national money laundering agency, AUSTRAC, revealed investigations into terror-related suspicious matters grew from 118 in 2013-14 to 367 last year.

The total involved was $53 million, including $11 million in cash.

There were 536 general terrorism "suspicious reports" made to the agency last year, of more than 80,000 tip-offs on potential financial crimes.

The report said the rise in terrorism-related financial crime investigations was linked to a rise in Australians leaving to fight in Syria and Iraq.

It said 100-plus "people of interest" were under the agency's spotlight for potentially supporting terrorism activities financially.

The report was released ahead of Australia and Indonesia hosting a regional counter-terrorism finance summit in Sydney this month.

More than 170 terror finance intelligence experts are expected to examine recent trends and the role of technology in terror finance.

Topics:  australia police

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