September 14 2016
The Australian government is reviving long-stalled plans to extend anti-money laundering and counter-terrorist financing laws to capture lawyers, accountants, real estate agents and jewellers, Justice Minister Michael Keenan said.
The law reforms have been repeatedly shelved since mid-2007 after opposition from some of the affected sectors – most notably the legal profession.
The first tranche of the anti-money laundering laws were put in place a decade ago to compel banks, fund managers and casinos to report the source of their money flows, but the anticipated follow-up to cover other sectors did not eventuate.