After months of preparation, the Australian authorities are contacting more than 100 HNW taxpayers over the Panama Papers. Kelly O'Dwyer (pictured), the Minister for Revenue and Financial Services, has also announced that the Serious Financial Crime Taskforce has executed three search warrants.

O'Dwyer made her announcement at a press conference that she staged alongside justice minister Michael Keenan. She added that, in its 'week of action,' the SFCT made 15 unannounced visits in Victoria and Queensland. It intends to inform that 100 taxpayers that they are the subject of 'compliance action' and it is not ruling out further criminal investigations.

Keenan made reference to the Australian Transaction Reports and Analysis Centre, which is one of the most efficient financial intelligence units in the world: "As part of the SFCT response to the Panama Papers, AUSTRAC has been engaging with domestic and international banks to build a picture of offshore service providers as they relate to Australian individuals and entities. AUSTRAC has also been working to educate the banking sector. AUSTRAC has been working to build resilience against typologies used for tax evasion, money laundering and other illegal activities exposed through the Panama Papers.

"Its work has been critical in identifying professional facilitators, including accountants and lawyers, who have facilitated the creation of offshore structures and vehicles to conceal and move illicit wealth. From the more than 1,000 Australians identified in the Panama papers, AUSTRAC has determined that the amount of funds flow linked to these entities is over $2.5 billion."

O'Dwyer concluded: "The Australian Securities and Investments Commission is also taking part in the week of action, with a continued focus on gatekeepers including company directors and officers, auditors, insolvency practitioners and business advisors, and in particular, responding to poor gatekeeper culture and conduct. Gatekeepers underpin the integrity of our financial system and will continue to ensure that they adhere to the high standards required by law.

"Since the SFCT was established [last July] more than 650 compliance activities are underway or completed and liabilities have been raised in excess of $130 million. Four people have received custodial sentences following prosecution and there are currently 19 matters in progress."