The Commonwealth of Australia (Australia) is located between the Pacific and Indian Oceans in the Southern Hemisphere. It is the only country to occupy an entire continent and is currently home to approximately 20 million people.
The end of British colonial rule in 1901, saw the establishment of Australia as a constitutional monarchy with a common law tradition. Its Commonwealth (national) Constitution, divides governmental power, between the legislature, executive and judiciary and between the Commonwealth and the six states. Broadly, it assigns the Commonwealth responsibility with respect to specific 'head of power' and retains the states' governmental power in the remaining areas. The capital cities of two largest states, Sydney and Melbourne, are Australia's most important financial centers, though the national administrative capital is Canberra.
As an important financial centre in the Asia-Pacific region, Australia is a destination for the proceeds of crime. Most of these amounts are generated within Australia from fraud-related offences (FAFT 2005: 15). In addition, Australia has legislation enabling the recovery of proceeds of foreign offences. The federal Mutual Assistance in Criminal Matters Act 1987 (MACMA), together with the Proceeds of Crime Act 2002, makes it possible for all foreign countries to request assistance in identifying, seizing, freezing and confiscating the proceeds of foreign crimes and, in some cases, to benefit from domestic civil confiscation orders. Australia is also party to a number of bi-lateral and multi-lateral MLA treaties, including the United Nations Convention against Corruption (UNCAC) and the Council of Europe Convention on Laundering, Search, Seizure and Confiscation (Money Laundering Convention).
