THE HON MARK DREYFUS KC MP
ATTORNEY-GENERAL
CABINET SECRETARY
MEMBER FOR ISAACS
Albanese Government passes landmark reform to combat money laundering, terrorism and serious crime
The Albanese Government has delivered significant, long overdue reform to combat serious and organised crime by strengthening Australia’s protection against money laundering and terrorism financing.
The Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024 closes dangerous and damaging regulatory gaps left by the former government in our anti-money laundering and counter-terrorism financing regime by extending coverage to ‘tranche-two entities’.
The Bill cracks down on organised crime and terrorists, stopping them from using our financial system to launder illicit funds.
Lawyers, accountants, real estate professionals and dealers in precious stones and metals will now have obligations to know their clients and report suspicious matters to prevent money laundering. Banks, financial, gambling and gold bullion sectors already have these obligations.
This Bill also simplifies, clarifies and streamlines the anti-money laundering regime, reducing the regulatory burden on businesses and making it easier to understand and implement effective measures to combat financial crime.
Passage of the Bill follows a $160 million investment from the Albanese Government to enable the Australian Transaction Reports and Analysis Centre (AUSTRAC) to provide starter-packs, templates and extensive guidance to ensure the transition is as easy as possible for businesses.
New obligations commence for tranche two businesses in July 2026 to enable sufficient time for in-depth consultation on the anti-money laundering and counter-terrorism financing rules and to ensure businesses are prepared.
Money laundering is not a victimless crime. Allowing money laundering and terrorism financing to flow through the Australian economy unchecked supports the ongoing funding of terrorism, people smuggling, drug trafficking, cybercrime and child sex abuse.
Money laundering also forces Australians trying to buy their family home to compete with criminals washing dirty cash through real estate.
Today the Liberal Party stood on the side of terrorists and criminals. Instead of supporting this important reform and joining the fight against money laundering and terrorism financing, they opposed it.
It is now almost a decade since the Financial Action Task Force (FATF), the global financial watchdog, found that Australia had failed to comply with a number of critical standards for tackling money laundering. Australia has also been warned we are at serious risk of being ‘grey-listed’ by FATF which could result in significant economic harm to Australian businesses and the national economy.
AUSTRAC’s recent Money Laundering National Risk Assessment noted criminals are increasingly exploiting tranche two businesses to conceal illicit wealth and launder money.
Today the Liberal Party decided to continue to support those criminals.
The Albanese Government is committed to tackling serious and organised crime and has no higher priority than the safety and security of the Australian community.
Friday, 29 November 2024
