A proposed change to money laundering laws could flood the stock exchange with dirty cash, experts warn.
AUSTRAC may be trying to align Australian rules with international standards where — in limited circumstances — you can work for a client before "knowing" who they are."As a result, it may create a window whereby criminals can exploit the system to be able to launder money."
"There is a danger that money launderers who are frustrated and can't launder the cash from drug trafficking [in the usual ways] will look for other avenues that aren't closed," he said. "I am absolutely mystified," said Judith Fox, chief executive of the Stockbrokers and Financial Advisers Association.
Ms Fox said the group, representing 10,000 brokers and financial advisers, had no understanding how the proposal had arisen."We don't even know where they would have come from and who would have asked for them because of the risk that it introduces."
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