Australian intelligence says spike in ‘terrorism’ funding investigations

SYDNEY (Reuters) – Australia’s anti-money laundering agency says reports of suspected “terrorism-financing” tripled in the past year, with over A$50 million ($35.92 million) which could be used to support Islamist militants being investigated.

The financial intelligence agency, AUSTRAC, said in its annual report released this week that it had recorded a trebling of “suspicious matter reports” that could be linked to funding of militant groups. It recorded up to 367 reported cases in 2014-15 from 118 a year earlier.

“The volume of terrorism financing in Australia is linked to the number of Australians travelling to join terrorist groups in Syria and Iraq,” the report said.