A better system to stop criminals prospering
Australia is a major destination of the world’s dirty money.
Money laundering allows criminals to enjoy the spoils of their crimes and enables corrupt officials to profit from their misconduct.
Much of this money flows out of poorer countries and into wealthy G20 nations, including Australia. We benefit from foreign crime, corruption and misconduct that rob people of their national wealth.
Australian lawyers, accountants and real estate agents can be exposed to the risk of handling or laundering this money.
The passage of reforms to Australia’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) laws marks a significant step towards closing these gaps. The reforms widen the net beyond banks, casinos and bullion dealers to cover services provided by these professions and other businesses exposed to the risk of handling dirty money.
The focus now is on effective implementation, ensuring these stronger laws deliver on their promise to stop criminals profiting from their crimes.