As many as 100,000 accountants, lawyers and real estate agents look set to be required by law to report suspicious financial transactions to authorities.
Accountants, lawyers and real estate agents look set to be required by law to report suspicious transactions to authorities, as part of an upgrade to anti-money laundering protections.
Currently, the rules apply to casinos, bullion dealers, and solicitors, with reporting obligations for transactions of more than $10,000.Individuals and professions covered by the laws would be required to report suspicious transactions to authorities, part of an extension which has been fiercely resisted by industry lobby groups.
Mr Dreyfus blamed the Morrison government for leaving significant regulatory gaps and vulnerabilities in Australia’s laws, saying they had failed to respond to the changing threat environment and evolving international standards.“Left unaddressed, Australia’s financial system would remain vulnerable to criminal exploitation through the use of professional services, weakening the overall integrity of Australia’s [anti-money laundering and counter-terrorism financing] regime.
He said the government accepted all of the recommendations of a 2022 Senate committee report, which recommended that stakeholder consultation on the “timely implementation” of Tranche 2 be expedited, including adequate funding provided to AUSTRAC and the Department of Home Affairs.
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