Alongside the US and Canada, Australia is one of just three developed countries without anti-money laundering laws for real estate agents, lawyers and tax professionals.
Labor is considering tougher anti-money laundering laws, and could revisit stalled plans for the real estate, accounting and legal professions to be covered by protections against dirty cash., Australia is one of just three major developed countries without anti-money laundering laws covering the key industries, which prompted calls last year from a Senate committee for progress on the so-called “Tranche 2” reforms.
A possible extension of the laws has been the subject of intense political lobbying for years. Industries have told successive ministers that more regulation would push up costs and potentially contravene legal privilege protections for clients. A spokesman for Attorney-General Mark Dreyfus said the Albanese government was considering the report presented before last year’s federal election.“The government is committed to continually reviewing Australia’s anti-money laundering and counter-terrorism financing regime to ensure that it remains effective and complies with international standards as set by the Financial Action Task Force ,” the spokesman said.
The real estate sector has often been identified as a large compliance hole, and AUSTRAC estimates there were suspicious transactions worth $1 billion emerging from China in the Australian property market as far back as 2016.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Australia recession: New road, rail spending slumps as Labor tells premiers to cut backJust eight new projects valued at $6.6 billion were added in 2022-23, a sharp decline on the 24 projects valued at $25.3 billion added the year prior.
Read more »
Are the Melbourne vs Sydney opera wars finally coming to an end?Opera Australia’s new program is trying to restore some balance between Australia’s biggest cities.
Read more »
Are the Melbourne vs Sydney opera wars finally coming to an end?Opera Australia’s new program is trying to restore some balance between Australia’s biggest cities.
Read more »
Are the Melbourne vs Sydney opera wars finally coming to an end?Opera Australia’s new program is trying to restore some balance between Australia’s biggest cities.
Read more »
Peter Dutton’s Coalition leads Anthony Albanese’s Labor government in a new Roy Morgan pollA new Roy Morgan poll has Peter Dutton’s Coalition leading the Albanese government for the first time since the 2022 election.
Read more »
Ousted Labor MP Will Fowles arrestedVictoria Police confirmed a 45-year-old man was arrested on October 12 and released without charge. Fowles, the member for Ringwood, has denied any wrongdoing.
Read more »