Australia to track graft funds at home, abroad

Australian government will boost the capability of its anti-graft agents, to crack down on corporate corruption and track down graft funds at home and abroad by spending $15 million ($11.6 million), Prime Minister Malcolm Turnbull said on Saturday.

Graft has become a politically charged issue in Australia, with both the government and opposition promising to crack down on multinational tax avoidance and impose extra regulations on the banking sector as the country heads toward an early election - expected in July.

Turnbull, in a joint statement with the justice minister and the attorney-general, said the extra money would go to three dedicated anti-bribery teams, comprising a total of 26 forensic accountants, litigators and investigators.

The announcement follows several corporate scandals.

Tax authorities are investigating more than 800 people for possible tax evasion in connection with a law firm based in the tax haven of Panama.