Watchdog to investigate Internet payment systems

Australia's money laundering watchdog is turning its attention to Internet payment systems.

Dozens of new systems are emerging on the Internet as an alternative to making purchases by credit cards.

But there are fears that some may evade laws set up to tackle money laundering and the financing of crime.

Australian Transaction Reports and Analysis Centre (Austrac) director Neil Jensen told a Senate estimates hearing yesterday his agency was looking at the issue.

"Certainly we will be doing more work on that as part of an ongoing strategic approach to looking at alternative systems that may be eluding or not caught by the current legislation," Jensen said.

"If we find something there that we believe could be or should be caught by the legislation then we would refer that through to the Attorney General's department."

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