A BETTER SYSTEM TO STOP CRIMINALS PROSPERING
Australia is a major destination of the world’s dirty money.
Money laundering allows criminals to enjoy the spoils of their crimes and enables corrupt officials to profit from their misconduct.
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 national wealth.
Money can and is being handled by or laundered through Australian lawyers, accountants and real-estate agents (‘Designated Non-Financial Businesses and Professions’).
We want to widen the net of our Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) legislation, which currently covers banks, casinos and bullion dealers, to also cover professions that are exposed to the risk of handling dirty money.
By strengthening our existing laws we can better stop criminals profiting from their crimes.