Proposed anti-money laundering rules will rope in real estate agents and lawyers, amid concerns Australia could become a destination for dirty cash.
committing to laws that expand reporting obligations to real estate agents, lawyers and accountants amid concerns Australia could become a money laundering haven for criminals in Asia.
“As a result of the former government’s failure to act, Australia is falling short of meeting the standards required to combat criminal abuse of our financial system, and at increased risk of becoming a haven for money laundering.”The changes would bring Australia’s dirty money laws in line with the requirements of most countries. Australia, Haiti, Madagascar, the US and China were the only countries that still opposed regulating lawyers and other service providers.
“Cambodia’s share of illicit funds coming into Australia is probably pretty small in comparison to China or other jurisdictions. But size aside, the fact that there was over half a billion dollars of funds coming in 2022 which equates to just under 1 per cent of the country’s GDP, that raises a few alarm bells,” Mr Moore said.
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