AUSTRALIA BITES BULLET ON AML
October 24th, 2024
Australia has long been a laggard in AML/CFT, despite being a leading developed democracy – but its current Labor government has finally bitten the bullet on reform.
In September, it proposed an Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Amendment Bill 2024 (1). The country’s FIU Austrac noted that the proposed reforms – if approved - will extend AML/CTF requirements to "additional services provided by lawyers, accountants, trust and company service providers, real estate professionals...” (2)
These include buying and ...
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