OUR POSITION - Anti-Money Laundering

April 2019

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 national wealth.

Australia needs to strengthen our existing laws to stop criminals prospering through our financial institutions. We can do this by widening the net of our Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) legislation, which currently covers banks, casinos and bullion dealers. Dirty money can be handled by or laundered through Australian lawyers, accountants and real-estate agents (‘Designated Non-Financial Businesses and Professions’).