Australia to extend money laundering laws

SYDNEY, Dhu-AlHijjah 13, 1437, Sep 14, 2016, SPA — The Australian government is reviving long-stalled plans to extend anti-money laundering and counter-terrorist financing laws to capture lawyers, accountants, real estate agents and jewellers, Justice Minister Michael Keenan said, Reuters reported.
The law reforms have been repeatedly shelved since mid-2007 after opposition from some of the affected sectors – most notably the legal profession.
The first tranche of the anti-money laundering laws were put in place a decade ago to compel banks, fund managers and casinos to report the source of their money flows, but the anticipated follow-up to cover other sectors did not eventuate.
The Australian government is preparing to release proposals to the public for consultation.
“The first step in this process will be the release of industry consultation papers by the Attorney General’s Department, which is expected to happen before the end of the year,” Keenan said in a statement.
The professions captured by the extended laws will have to conduct a risk assessment on their businesses, develop a compliance program, train staff, report suspicious transactions and any cash payments over A$10,000 ($7,523.00).
03:25 LOCAL TIME 00:25 GMT