Yesterday, the Attorney-General announced a boost to
AUSTRAC's funding in the upcoming federal budget, to fund
new reforms to Australia's AML/CTF regime.
The recently published second round consultation paper,
'Reforming Australia's anti-money laundering and
counter-terrorism financing regime' ('Tranche 2'
reforms'), proposes obligations under the AML/CTF legislation
are extended to real estate agents, lawyers, accountants, trust and
company service providers and dealers in precious metals and stones
(collectively referred to as designated non-financial business
professionals DNFBPs).
This announcement coincides with KordaMentha & Transparency
International Australia's report into the money laundering
vulnerabilities in Australia and Cambodia's AML/CTF regimes,
and the factors that make Australia an ideal destination for
regional foreign proceeds and illicit funds. This is of particular
significance given Australia's real estate sector is worth
three times the
