Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 23 OCTOBER 2024

Australia's financial reputation at risk globally

KordaMentha
Explore more from KordaMentha

Australia's international reputation as a good global anti-money-laundering and crimefighting citizen is at a crossroad.

AustraliaGovernment, Public Sector
Rachel Waldren
Rachel Waldren
Author LinkedIn connections

Australia's international reputation as a good global anti-money-laundering and crimefighting citizen is at a crossroad, and the ramifications for failing to step up are considerable.

The Anti-Money Laundering and Counter-Terrorism Financing Amendment (AML/CTF) Bill 2024, which is before federal parliament, seeks to modernise our AML regulatory framework and extend regulations to lawyers, accountants, trust and company service providers, real estate agents and dealers in precious metals and stones, commonly referred to as "tranche-two entities".

The proposed reforms would bring Australia in line with accepted international standards met by all but a small handful of countries.

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

View source

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

See more popular content from

Article

Yindjibarndi And WA Government To Appeal $150 Million Federal Court Native Title Compensation Decision

The State of Western Australia and the Yindjibarndi Ngurra Aboriginal Corporation have both filed appeals against a landmark Federal Court decision awarding $150 million in compensation for cultural loss caused by mining operations in the Pilbara region. This unprecedented case marks the first judicial determination of native title compensation for future acts and the largest cultural loss award in Australian history, establishing critical precedents for how compensation is assessed when native title rights
AustraliaGovernment, Public Sector
Holding Redlich
Holding Redlich
Article

NSW Data Centre Guidelines And Network Connection Consultation Paper

The New South Wales Government has released a comprehensive policy framework for data centre investment, establishing six core principles that developments must address while promising streamlined planning approvals. The framework introduces significant new compliance obligations around energy procurement, cost recovery contributions, and demand flexibility, including a $200,000/MW Major Network Upgrade Fee and requirements for renewable energy agreements with minimum 40% wind component.
AustraliaGovernment, Public Sector
Corrs Chambers Westgarth
Corrs Chambers Westgarth
Article

Victorian Construction Industry Royal Commission: What It Means For Project Participants

The Victorian Government has launched a Royal Commission into the Integrity of Major Public and Civil Infrastructure Construction Projects, examining allegations of corruption, criminal conduct and serious misconduct across major construction projects. The inquiry will scrutinise procurement practices, labour hire arrangements, subcontracting models, supply chains, project governance and government oversight, with implications extending far beyond Victoria's borders.
AustraliaGovernment, Public Sector
Piper Alderman
Piper Alderman