Responding to the AML/CTF reforms consultation.
Updated AML/CTF legislation will help make Australia safer from
financial crime, but a whole new approach is needed if Australia is
to be effective in keeping ahead of the criminals.
It's great that the Australian government is taking concrete
steps towards modernising our anti-money laundering and
counter-terrorism financing (AML/CTF) regulations. And that
it's consulting with industry on proposed changes to the
legislation.
There's no doubt modernisation and an expansion of those
regulated is way overdue. For decades we've had only half a
solution, with banks, casinos and financial services subject to the
regulations. This means it has been – and still is –
easier for criminals to get away with financial crime in Australia
than other countries with stronger laws. Who can say how much crime
we attract because other professions who can help hide illegal
funds aren't covered by AML regulations? Like lawyers,
