Real estate agents, lawyers in spotlight for money laundering crackdown

Real estate agents, lawyers and accountants used to launder the money of drug dealers and terrorist-funders will be the target of new laws to stop the flow of dirty money in Australia.

Attorney-General Mark Dreyfus has announced strict reporting obligations for about 100,000 new entities. The move, which will include $165 million in new funding, has been resisted for years by real estate associations and other professional services lobby groups, who argue it would be costly and risk client confidentiality.

Only casinos, bullion dealers and some solicitors are now required to report suspicious transactions of more than $10,000, making Australia one of only five countries whose rules do not extend to lower-level risks such as real estate agents.
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“Let me be very clear: opposing these reforms means aiding and abetting the criminal abuse of our financial system by drug traffickers, people smugglers, terrorists and those who exploit and abuse children,” Dreyfus will say in a National Press Club speech, according to speaking notes.

Britain has also urged Australia to beef up its laws because international criminals exploited the weakest links in global regimes.

Source: https://www.smh.com.au/politics/federal/real-estate-agents-lawyers-in-spotlight-for-money-laundering-crackdown-20240708-p5jrzn.html

See also: ​Lawyers among opposers of new money laundering laws