Financial Crime and Risk executive leader partnering with Boards, corporate executives and senior management, providing practical and commercial advice and communicating ideas persuasively and simply.
According to the recent budget announcements from the Government AUSTRAC will get $166.4m in additional funding to help implement the new AML regime following the release of the next phase of consultation with a key focus on implementing the requirements across the Tranche 2 sector.. There seems no doubt now these changes will be made and probably much sooner than this sector expects. And for good reason, its imperative the changes are made. Lots of questions remain on the precise nature with no Exposure Draft of legislation yet ready but important the sector takes the opportunity now to provide its input into what it believes will be the most effective way of doing so.
yes Do AML with properly drafted careful AML legislation not that which obliges Lawyers & others to be the governments Policeman ‼️and which does not undermine the fundamental legal professional privelege rights of confidentiality of clients & all citizens & potential criminal defendants ‼️Lawyers in particular cannot be in the business of asking clients where they got their money from ‼️(nor do they have the resources to research detect and find out )The Aussie legislation as drafted belongs in Russia 🇷🇺, China & Myanmar NOT Australia 🇦🇺‼️‼️
As the AML Reforms edges its way through the Senate, in a timely reminder, the FT is reporting that almost £6bn of suspicious funds have been channelled through companies registered in the British Overseas Territories to purchase UK properties since 2016.
Tranche 2 is on its way.
After a wait of almost 20 years today the government introduced legislation into the Australian Parliament to expand Australia’s money laundering regime to designated services provided by lawyers, accountants, trust and company service providers, real estate professionals and dealers in precious stones and metals.
At AUSTRAC we are well underway in preparations for its implementation.
The bill is available at www.aph.gov.au
"As the AML Reforms edges its way through the Senate, in a timely reminder, the FT is reporting that almost £6bn of suspicious funds have been channeled through companies registered in the British Overseas Territories to purchase UK properties since 2016."
As the AML Reforms edges its way through the Senate, in a timely reminder, the FT is reporting that almost £6bn of suspicious funds have been channelled through companies registered in the British Overseas Territories to purchase UK properties since 2016.
Big news in Australia today with the introduction of the AML/CTF Amendment Bill which will bring about #Tranche2.
We look forward to helping Australian Lawyers, Accountants and Real Estate Agents navigate through these changes in the coming years.
https://lnkd.in/guxSNe3R
Nearly 40% of the dirty money in the world is going through the City of London and other crown dependencies, the UK’s deputy foreign secretary has said.
Efforts need to be common, coopération at public and private level, at national and international level is the key. There is no 100% countries and criminals know exactly where are the loopholes in each of them (real estate, secrecy, financial Market, cooperaion, supervision, corporate service provide supporting shell company set up etc).
Even if some countries can be pointed for there weaknesses, we need to also reflect on global picture as the same ML scheme more than often work on several countries loopholes (real estate in Dubaï are made possible via shell companies set up in UK or EU or HK, with bank accounts opened in other western countries, with the support of TCSP in other regions)
The efforts are common, the sole key point is the real willingness to efficiently fight the ML
Senior Specialist, AML Supervision at Ministry of Economy, UAE | Expert in AML / Risk Assessment / Regulatory Compliance / TFS / CPF
Both UK and UAE are attractive for money laundering due to their political and economic stability, but they face different challenges in their regulatory and enforcement environments. Despite the UAE substantial efforts to strengthen AML/CFT procedures, and its successful exit from the FATF grey list, it continues to face criticism. This often overlooks the reality that even the most regulated countries, like the UK, facing significant challenges in combating financial crime due to the inherent complexities of being a global financial hub. Global Media should recognize that both nations are committed to improving their financial regulatory frameworks. However, the real issue lies in the global nature of financial crime, which requires more than just data collection and criticism aimed at successful countries in all global indicators. It demands in-depth understanding and international collaboration effort to effectively address these complex and evolving threats.
#AMLCFT#MoneyLaundering#Global#FinancialCrime
Both UK and UAE are attractive for money laundering due to their political and economic stability, but they face different challenges in their regulatory and enforcement environments. Despite the UAE substantial efforts to strengthen AML/CFT procedures, and its successful exit from the FATF grey list, it continues to face criticism. This often overlooks the reality that even the most regulated countries, like the UK, facing significant challenges in combating financial crime due to the inherent complexities of being a global financial hub. Global Media should recognize that both nations are committed to improving their financial regulatory frameworks. However, the real issue lies in the global nature of financial crime, which requires more than just data collection and criticism aimed at successful countries in all global indicators. It demands in-depth understanding and international collaboration effort to effectively address these complex and evolving threats.
#AMLCFT#MoneyLaundering#Global#FinancialCrime
Is your business ready for Australia’s most significant compliance reforms?
If you’re in real estate, legal, or accounting, the proposed AML/CTF Tranche 2 reforms could dramatically reshape how you operate. These changes will introduce greater regulatory oversight and require a more comprehensive compliance approach.
Now is the ideal time to stay informed and understand how they could impact your business. Having the latest information will help you navigate the evolving regulatory landscape and position for compliance success.
For personalised insights and tailored strategies, contact me for expert guidance and support to help you navigate these changes with confidence.
https://lnkd.in/g6gDSYzK
🚨 Australia Bolsters Financial Integrity: AML/CTF Amendment Bill 2024 🇦🇺
The Albanese Government has introduced a crucial legislative update to combat financial crime. This is a significant step towards safeguarding Australia's economic interests.
Key aspects:
• Expands AML/CTF regulations to include lawyers, accountants, and real estate agents
• Aligns with international FATF standards
• Streamlines compliance for businesses
Why it matters:
• Protects Australia's financial system integrity
• Mitigates risks of money laundering and terrorism financing
• Enhances Australia's global economic reputation
Thoughts on how this might impact your industry?
#FinancialIntegrity#AML#EconomicSecurity#AustralianEconomy
