Washing machines filled with replica Austalian money are seen during a PR stunt hosted by anti-money laundering company First AML at Martin Place, Sydney [Source: AAP Image/Bianca De Marchi]
Terrorists and money launderers will soon have a harder time funnelling dirty cash in Australia through professions such as accountants and lawyers.
Reforms to anti-money laundering and counter-terrorism financing laws were introduced to federal parliament on Wednesday in a bid to crack down on offenders.
Under the changes, businesses recognised as high risk for money laundering and terror financing will face more regulations to make it harder for criminals to use businesses as a front.
Industries identified as “gatekeeping professions” for money laundering include people working as lawyers, accountants, precious metal and stone dealers as well as real estate agents.
Attorney-General Mark Dreyfus said the changes were long overdue.
“Australia is an attractive destination to store, launder and legitimise proceeds of crime … and this bill will put an end to it,” he told parliament on Wednesday.
“(The changes mean) preventing criminals from enjoying the profits of their illegal activities and putting an end to funds falling into the hands of terrorists and authoritarian regimes.”
The law changes come after the global financial watchdog in 2015 found Australia had failed to comply with a number of critical standards.
The watchdog had singled out that Australia had failed to extend anti-money laundering laws to at-risk industries.
Australia is one of just five countries that currently do not have laws governing gatekeeper professions for money laundering.
“It means Australia is at serious risk of being ‘grey-listed’ by the (finance watchdog), which would not be damaging to our international reputation but could result in significant economic harm to Australians and businesses,” Mr Dreyfus said.
