The number of reports of financial transactions suspected of being linked to terrorism has tripled over the past year, a new report says.
Austrac, the government agency in charge of fighting money laundering and terrorism financing, revealed in its annual report a jump in terrorism-related "suspicious matter reports" it received from 118 in 2013/14 to 367 in 2014/15.
"In addition to funding individual attacks and operations, terrorism financing helps establish and maintain terrorist groups, and sustains the networks connecting them," Austrac said in its annual report tabled in parliament.
"It supports the less violent or obvious aspects of a group's operations, such as living expenses, travel, training, propaganda activities, and compensation for wounded fighters or the families of terrorists who have died."
The value of terrorism-related financing - when added to that of money laundering, proceeds of crime and tax evasion - came to $53 million over the year.
News that makes sense
Your trusted source for staying up-to-date with the world around you. Get free daily news updates and analysis, straight to your inbox.
The bulk of cases came from NSW and Victoria.
Austrac was also successful in helping Indonesia improve its tracking and analysis of terrorism financing.
With the agency's help, Indonesia was taken off the global Financial Action Task Force's monitoring list over the past year.
The first Indonesian national money laundering and terrorism financing risk assessment will be launched later this year.
Austrac's work also led to an extra $466 million being collected by the tax office in income tax assessments and debt collections.
