Money laundering: more Australian prosecutions needed, financial intelligence agency warns

Country risks failing next international evaluation and could be put on a grey list' if it doesn't do enough

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The head of Australia's financial intelligence agency, Austrac, has warned that law enforcement agencies need to conduct more money laundering prosecutions if the country is to avoid being whacked by international regulators.

Nicole Rose also said it had been a hard journey" to convince Australian chief executives and board members to take money laundering seriously, but legal action by Austrac, including a record $1.3bn fine against Westpac, had helped build solid foundations.