The government has committed $127 million to establishing a new task force that will target serious financial crime and tax evasion.
New task force to target tax evasion
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.
Treasurer Joe Hockey said the new task force will build on the work already done by Project Wickenby, a cross-agency initiative targeting tax evasion, avoidance and crime, which has so far raised more than $2.1 billion in liabilities.
“Ongoing investigations and prosecutions have resulted in substantial sentences and strong deterrent messages in the sentencing judgements. To date, 76 individuals have been charged with serious offences and there have been 44 criminal convictions,” said Mr Hockey.
“The Serious Financial Crime Taskforce will have an unquantifiable positive benefit on the financial wellbeing of members of the community who, without the Taskforce, may be victims of financial crime.
“It will also help ensure all taxpayers pay their fair share of tax,” Mr Hockey said.
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