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The Australian Greens have threatened to introduce a private members bill to enact the Tranche 2 anti-money laundering (AML) laws for real estate gate keepers (e.g. real estate agents, accountants and lawyers):
Greens senator and former investment banker Peter Whish-Wilson drew a link between the accusations against Westpac and the government’s refusal to progress the extension of the anti-money laundering laws.
“Real estate would potentially be a chunk of the $11 billion of Westpac transactions picked up by AUSTRAC,” Senator Whish-Wilson said.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.