Australia is a major destination of the world’s dirty money.
Much of this money is flowing out of poorer countries, and into the coffers of wealthy G20 States. We are profiting from the foreign crime, corruption and misconduct that robs people of their shared national wealth.
Current anti-money laundering rules are not strong enough to guard against this. They only apply to financial institutions but do not require lawyers, real estate agents and accountants to inform authorities about suspicious behaviour.
Australia can stop the flow of dirty money by strengthening our existing Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) laws to stop criminals prospering through our financial institutions.