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Anti-money laundering reforms
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Australia is to implement new global standards aimed at cracking down on money laundering and terrorist financing, the Minister for Justice and Customs, Senator Chris Ellison, has announced .

The Australian financial sector and other industry areas will be consulted as part of the implementation of a range of global anti-money laundering standards issued by the Financial Action Taskforce on Money Laundering (FATF), a 33-member international body of which Australia is a founding member.

Senator Ellison said the Government will now proceed with a fundamental overhaul of Australian legislation, including the Financial Transaction Reports Act 1988.

The new standards will oblige Australia to expand customer due diligence requirements for financial institutions and extend anti-money laundering obligations to non-financial businesses and professions such as real estate agents, dealers in precious metals and stones, accountants, trust and company service providers, legal professionals and notaries.

See the 40 recommendations at Anti-Money Laundering Reform Online

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