Australia is one of only three nations – along with Haiti and Madagascar – yet to commit to bringing lawyers, accountants and real estate agents under the umbrella of anti-money laundering and counter-terrorism finance laws (AML-CTF).
The Government has failed to act on a promise it made in 2014 to bring the professions into the AML-CTF system. The government now faces a race against time to take action before global authorities put Australia on a list of countries that don’t meet international standards.
Being on this list would have adverse implications for our banks and raise obstacles for companies seeking to raise money overseas.
The Guardian Australia’s Ben Butler published an excellent article in its 12th March edition on this topic.
Read the full article here: