Transparency International Australia welcomes the opportunity to provide comments and recommendations to this proposal being the second consultation on modernising Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) regime.
Transparency International Australia has long called for updates to the regime that will close the loopholes that allow people to hide the proceeds of crime and corruption.
An essential element of the update is the inclusion of designated non-financial businesses and professions (DNFBPs) and high value dealers in the AML/CTF regime. Australia is one of only a few FATF countries not to have passed tranche-two amendments to AML/CTF laws along with Haiti, Madagascar, China and the United States.