Banks: extend anti-money laundering rules to property


The Australian Banking Association, Fintech Australia and Bendigo & Adelaide Bank are among those calling for the expansion of Australia’s anti-money laundering (AML) regime.

The expansion of the regime would ensure that real estate agents, accountants and lawyers would be subject to the same rules as banks, money senders and betting companies.

Fintech Australia said in its submission to a Senate inquiry into the adequacy and effectiveness of Australia’s AML / CFT regime that Australia is seen as a “light touch” for criminals seeking to funnel money through. country, and that the cost of expanding the regime would be outweighed by the benefits of strengthening its framework.

Of FRANCE:

Australian banks and fintechs have backed the expansion of the anti-money laundering regime, saying banks have had to bear the burden for too long and that further delays could hurt Australia’s international standing and access to capital.

The Australian Banking Association and Bendigo and Adelaide Bank are among those who have expressed broad support for legislation that will subject lawyers, accountants and real estate agents to laws similar to those of banks, shippers and betting companies …

Fintech Australia said Australia was seen as “a light touch” for crooks looking to funnel money into the country and would stay that way as long as it “keeps the door open for those looking to park the goods. potential for crime in a shelter “.

It’s like groundhog day. Fifteen years ago, the Australian government agreed to implement the global Tranche 2 anti-money laundering rules for lawyers, accountants and real estate agents with the aim of preventing money laundering unlawful, particularly in Australian property.

However, these reforms have been continually postponed amid fierce lobbying from obscure “vested interests” negatively impacted by the reforms. This has led to Australia having the weakest AML rules in the world for lawyers, accountants and real estate agents:

Australia’s intransigence has seen a conga-line of international authorities – including the Paris-based Financial Action Task Force (FATF) and Transparency International – mock Australia’s inability to act, which has continually fallen on deaf ears in the federal government.

As a result, Australia has established itself as a safe haven for money laundering, with assets being the preferred choice for illicit foreign funds.

I doubt anything will change because of our corrupt politico-housing complex.

Unconventional economist
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