Anti-Money Laundering Drive: Australia proposes reforms

The global anti-money laundering body FATF last year found significant gaps in Australia’s AML framework

SYDNEY: Australia on Friday proposed changes to simplify its anti-money laundering and terrorism financing laws, notably extending the regulations to include intermediaries and professions currently not required to report suspicious transactions. The 84 recommendations in a statutory review published on Friday include extending the current anti-money laundering rules to encompass accountants, lawyers, real estate agents and dealers in high-value objects such as jewellery. The global anti-money laundering body Financial Action Task Force (FATF) last year found significant gaps in Australia’s AML framework, particularly in the regulation of professional service providers such as lawyers and accountants, who are not covered by existing rules.

Published in The Express Tribune, May 1^st, 2016.

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