AUSTRALIA: STOCKBROKERS THE NEW MONEY LAUNDERING FRONT LINE AS ILLICIT FUNDS TARGET THE ASX

On 20 September, ABC News reported that a proposed change to money laundering laws could flood the stock exchange with dirty cash, experts have warned.  AUSTRAC has closed public consultation on a key rule about identifying the source of funds used to buy and sell ASX stocks, which it is said could inadvertently make it easier for criminals to move money.  Experts in the field are concerned the proposals could make it easier for criminals to launder money by buying and selling shares in traded companies — and then getting their money out.  The proposed changes would mean customers can trade shares and do not have to be identified until 5 days afterwards.

https://www.abc.net.au/news/2020-09-21/stockbrokers-money-laundering-asx-share-market/12678720

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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