Australia risks damage to economy without expanded money laundering laws, says Senate committee
Government has dragged its feet' on reform and Australia could be placed on grey list which includes Syria, Myanmar and South Sudan
Australia is at risk of serious economic damage and is already suffering fallout from its failure to bring lawyers and other professionals into the anti-money laundering and counter-terror finance (AML-CTF) regime, a Senate committee says.
The legal and constitutional affairs references committee, which has been examining the adequacy of Australia's current AML-CTF regime, said the country was a laggard by international standards and needed to move quickly to avoid being placed on a list of jurisdictions with systemic deficiencies in their laws.
Sign up to receive an email with the top stories from Guardian Australia every morning
Continue reading...