Australia’s financial crime watchdog AUSTRAC has welcomed the passing of the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Amendment Bill 2024 through parliament, as it continues to crackdown on criminals exploiting the clubs and pubs sector.
The long-awaited bill, introduced into parliament only in October, brings tranche two entities into the scope, including lawyers, accountants, and real estate agents. It also brings Australia in line with international standards set by the Financial Action Task Force.
AUSTRAC CEO Brendan Thomas said the bill will ease the regulatory burden on businesses by making it easier for them to meet obligations.
“The measures in the bill will assist industry and AUSTRAC to better identify and mitigate the significant risks of money laundering and terrorism financing, by expanding the regime to regulate high-risk services in new sectors and improve the level of financial intelligence collection,” he said.
Thomas pointed out that the financial and social harm caused by these crimes, which cost the Australian community up to $60 billion annually through activities such as drug trafficking, cybercrime, scams, and human trafficking.
“The historic passing of this bill will strengthen the integrity of the regime, enhance our compliance internationally and protect Australians by disrupting financial crime,” he said.
“We are committed to working closely with the new industry sectors coming under AUSTRAC supervision, to ensure this new system is effective and focuses on making Australia safer.
“We have already established strong relationships with the industry bodies affected by these changes, and will continue to work in partnership in developing guidance and assistance to ensure this new system is workable and effective. We are also committed to working with industry bodies to keep costs to a minimum and to ensure their members are well prepared for the legislation’s commencement.”
The watchdog announced at the end of last year that its regulatory priorities for 2024 would focus on the money laundering risks faced by businesses – particularly across the banking, gambling, and remittance sectors, which face higher risks – and help them to understand, mitigate and manage these risks.
