The Abbott government is setting up a new multi-agency taskforce to fight serious and organised financial crime.
The government will announce on Tuesday that it is providing $127.6 million over four years for a serious financial crime taskforce.
It will conduct investigations and prosecutions that will address superannuation and investment fraud, identity crime and tax evasion.
"This type of crime poses a genuine threat to national security and to the integrity of Australia's economy, financial markets, regulatory frameworks and tax revenue collection," Treasurer Joe Hockey told AAP.
The aim is to build on the success of a similar taskforce known as Project Wickenby that has so far collected $2.1 billion in tax liabilities, as well as increased tax collections as a result of improved compliance behaviour.
To date, under Project Wickenby, which will end in 2015, there have been 76 individuals charged with serious offences and 44 criminal convictions.
The new taskforce will include 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 Service.
Mr Hockey will hand down his second budget on May 12.
Share
