This action has been taken because of the risk the entity poses in relation to terrorism financing.
Terrorist groups need both material and financial support in order to carry out heinous acts such as those we have seen in the media recently.
If you choose to provide this support then you are also choosing to facilitate these crimes.
The continuing work of AUSTRAC and members of Australia’s national intelligence agencies to disrupt terrorism financing is essential in order to detect and prevent terrorist groups growing stronger.
This action further demonstrates the importance of the Coalition Government’s recent announcement of a $20 million resourcing boost for AUSTRAC to establish a new national intelligence team.
This additional funding will be used by AUSTRAC to enhance its analytical capability and to employ additional resources to enable further complex financial intelligence to be undertaken.
Further information can be found here: http://austrac.gov.au/files/notice-suspension-bisotel-rieh.doc