Serious Financial Crime Taskforce raises additional $718m in liabilities

The taskforce completed 374 audits and reviews during the period between 31 March 2024 and 31 March this year. During the year, 33 people were sentenced in total off the back of cases progressed by the taskforce.

The SFCT is an ATO-led joint agency taskforce that brings together the knowledge, resources, and experience of law enforcement and regulatory agencies to identify and address the most serious and complex forms of financial crime.

Since the creation of the taskforce, cases undertaken by the taskforce have resulted in the conviction and sentencing of 71 people in total and the collection of more than $1 billion.

In July 2023, the government provided $223.8 million to the ATO over four years to extend the SFCT through to 30 June 2027 and merge the SFCT with the Serious Organised Crime program. 

The ATO previously said that the additional funding had helped disrupt organised crime groups that seek to undermine the integrity of Australia’s public finances.

“Continued funding allows us to leverage the capabilities and powers of Commonwealth law enforcement and regulatory agencies,” it said.

“It also enables the SFCT to keep sharing our collective knowledge, resources and experience to target the most serious and complex forms of financial crime that present the highest risk to Australia’s tax and superannuation systems.”

Some of the recent focus areas for the taskforce include GST refund fraud and false invoicing, where businesses issue invoices and no goods or services have been provided.

The taskforce is also looking at electronic sales suppression tools that illegally manipulate transaction records and fraud in the previous metals refining industry.