AUSTRALIA: REAL ESTATE AGENTS, LAWYERS AND ACCOUNTANTS WIN DELAY IN IMPLEMENTING MONEY LAUNDERING LAWS

The Financial Review on 8th October reported that real estate agents, lawyers and accountants have won a reprieve from tough new AML measures with the federal government delaying a planned crackdown.  3 years ago FATF warned that Australia’s real estate sector was at significant risk for money laundering, and the OECD warned last year that Australia needed to take urgent steps to address the hole in our financial system, after New Zealand moved to cover the sectors.  However, the government has now confirmed that new laws will not include the long-awaited coverage of lawyers, accountants and real estate agents.  The news site says that AML experts have warned that failing to crack down on the illicit flow of funds, including “hot money” from China, has added significantly to Australia’s housing affordability problem.

https://www.afr.com/business/banking-and-finance/real-estate-agents-lawyers-and-accountants-to-avoid-money-laundering-laws-20181008-h16dcd