Australia’s political stability, open economy and strong financial and property markets make the country an attractive destination for global investment—and a target for illicit financial flows.
money laundering
This document highlights the key integrity reforms our federal parliament must enact if we are to build a more democratic Australia.
As stronger AML/CTF laws come into force, it may be easy for us to forget the extensive advocacy and persistent journey our AML/CTF professional community endured prior to the amendments. Once progress has been made and new laws are enacted, the focus can quickly shift to the need to comply. This often cloaks the prior complacency and delay experienced in the lead up to regulatory reform.
Australia’s AML/CTF regime now includes high-risk professions including real estate agents, lawyers, accountants, trust and company service providers, and dealers in precious stones and metals.
Transparency International Australia (TIA) welcomes the government’s commitment to addressing the crucial issues of money laundering and financial crime, as highlighted by Attorney-General Mark Dreyfus today.
Transparency International Australia welcomes the opportunity to provide comments and recommendations to this proposal being the second consultation on modernising Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) regime.
Transparency International Australia’s submission focuses on some substantive issues, definitional improvements and a number of specific suggestions to provide greater clarity for corporations. We also hope the guidance can result in stronger anti-bribery and corruption compliance programs more broadly.
A new report reveals millions of dollars of dirty money could be flowing from Cambodia to Australia annually, with gaps in the law making Australia’s real estate sector an attractive destination for money laundering.
The parliamentary inquiry into Ethics and Professional Accountability in the Consultancy Industry will today hear calls for comprehensive reform of Commonwealth whistleblowing laws to close the major gaps in accountability exposed in major Australian accounting and consulting firms like PwC.
An unprecedented gathering of Australia’s leading anti-corruption and integrity experts has met for an extraordinary two-day integrity summit in Melbourne (29 & 30 August) to discuss some of the most significant challenges facing Australia today.