Late last year, the CEO of AUSTRAC – the government agency tasked with detecting, deterring and disrupting criminal abuse of the financial system – called on the federal government implement anti-money laundering (AML) laws pertaining to real estate gatekeepers, warning that lawyers, accountants and real estate agents were being used to launder illicit money through Australian property.
Nathan Lynch – Asia-Pacific manager, Regulatory Intelligence, for Thomson Reuters – reports at MichaelWest.com.au that the Australian Government continues to balk at implementing its Tranche 2 AML rules pertaining to designated non-financial businesses and professions (DNFBPs), namely real estate gatekeepers.
Australia agreed to implement these Tranche 2 AML rules 15 years ago. However, the power of the lawyers’, accountants’ and real estate lobbies has stopped their introduction every time they have sought to be introduced.
