Transparency International Australia’s Post

The global economy of corruption steals money from most countries to invest it in a few ones where it only inflates real estate and stock prices. Legal and financial gatekeepers should report suspicious clients or transactions to authorities, in Australia 👇and everywhere.

"The strong words from the attorney-general will come hours after the international body tasked with co-ordinating global AML/CTF efforts slams Australia’s performance." ==> It is more than just a little bit alarming that Australia finds itself in this "global laggard" position on anti-money laundering and counter-terrorism finance and anti-money laundering rules. What would Australian politicians have to gain from dragging their feet on rules that make it more difficult to finance terrorism? You'd think Australia would be a leader on something so important. It was a great shock to me, returning to Australia after 20 years away and finding out we are not. We are in fact worst case scenario. Then, take a look at the War in Iraq. Take a look at Rupert Murdoch and News Corp's role in promoting the "dodgy dossier" and pushing America into the War in Iraq using faked evidence. And then take a look at what happened afterwards ... the 2007 Water Act and the Murray Darling Basin Plan. And Communists and Organised Crime, including proxies for Russia, stripping and laundering Australian water rights via multiple forms of abuses of power. Now, our dairy farmers' stripped and laundered assets are owned by the Canadian Police and Army Pension Fund and Olam International, listed on the London Stock Exchange ... and the asset stripping operations surrounding water, which includes Australian Water Holdings and the Macquarie Bank / Thames Water disaster, became a trial run for the BREXIT catastrophe. So then think again about the risks and issues that have arisen from Australia being an AML/CTF laggard. It is frightening what happens when international regulatory arbitrage is exploited by bad people. It takes a lot of balls to call something this big out. It is depressing to think about, not the least because of the more than 4,000 young Americans who died fighting for freedom in Iraq. But also because of the losses that "slaves" incurred to make a self appointed elite (criminal plutocracy) richer and more powerful than they already were. Rupert Murdoch attacked our families on the basis that he said he was fighting communism. Nothing could be further from the truth. Murdoch was working with global capital markets and partnering with both communists and Organised Crime. The deal he did with Paul Keating over media ownership laws was just a small part of it. ==> See also: a billionaire is boosting a major defamation lawsuit against Fox News - https://lnkd.in/gs89tRSt . ==> See also: Poor state of Thames Water a ‘critical risk’ to UK, Starmer and Reeves told - https://lnkd.in/gjCwXiyz . ==> See also: From the American Revolutionary War to the loss of Australia's constitutional rights to freedom from slavery V1.0 - https://lnkd.in/gG29rYxh .

#Australia could face significant #economic repercussions and deter international #investors if it fails to enhance its anti-money laundering (AML) and counter-terrorism financing (CTF) efforts. #antimoneylaundering #AML #moneylaundering #dirtymoney #CFT #counterterrorismfinancing #financialcrime #financialcrimes #compliance #complianceofficer #duediligence #terroristfinancing #pep #sanctions #audit #FinancialIntelligenceUnits #FIU #SuspiciousActivityReport #cdd #kyc #regulations #CFP #risk #riskmanagement #investigation #monitoring #aus

#INTERPOL, #FATF, and #UNODC issue a joint warning on #organizedcrime's threat to #financialintegrity, urging nations to strengthen #AML measures through: ➡ Targeting illicit profits fueling conflicts and terrorism ➡ Calling for enhanced international standards and policy reforms The call, made at the UN Commission on Crime Prevention event, underscores the critical role of financial integrity in stability and security. Countries urged to accelerate efforts ahead of the UN 2026 Crime Congress. Collaboration with #privatesector and #civilsociety highlighted as key in combating #financialcrime." https://lnkd.in/dMdKRfGp

#Australia widened the scope of its anti-money laundering regulation to include real-estate #agents and precious #stone dealers following years of warnings over the use of illicit #cash in these high-risk sectors. #Lawyers, #accountants and company service providers will also fall under the expanded remit following the passage of the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Amendment Bill 2024 through parliament. #antimoneylaundering #AML #moneylaundering #dirtymoney #CFT #counterterrorismfinancing #financialcrime #financialcrimes #compliance #complianceofficer #duediligence #terroristfinancing #pep #sanctions #audit #FinancialIntelligenceUnits #FIU #SuspiciousActivityReport #cdd #kyc #regulations #CFP #risk #riskmanagement #investigation #monitoring #realestate #property #estate #dealer

📢 AML/CTF Amendment Bill Introduced in Parliament 🏛️ The Australian Parliament has introduced the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Amendment Bill, aimed at modernising compliance and strengthening efforts to combat financial crime. These changes will enhance transparency, reporting, and oversight, ensuring a safer and more secure financial system. #AML #CTF #FinancialCrime #Compliance #Legislation #RiskManagement #Australia

What do the latest AML/CTF reforms mean for real estate? They will bring significant change and heightened compliance and scrutiny for certain real estate transactions. Preparing for these changes is critical to protect your business and stakeholders. How is your business adapting to meet these new requirements? I’d love to hear your thoughts! With thanks to my colleagues Robert Wyld, Patrick Cunanan, Natasha Ghanbar-Nezad and Angus Myerscough for co authoring this article with me.

NEWS ARTICLE | High risk! AML/CTF Compliance - It's coming for accountants, real estate agents and lawyers! The Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024 (Bill) has been passed by Parliament. The Bill overhauls Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) regime and extends the regime to certain 'high-risk' services provided by accountants, lawyers, trust and company service providers, real estate professionals, and dealers in precious metals and stones (Tranche 2 Entities). For existing reporting entities, most of the changes will take effect on 31 March 2026. For Tranche 2 Entities, the changes will take effect on 1 July 2026. Check out our most recent article by Charlotte Galea, Simon Griesz and Charles Cheah for all the details. https://lnkd.in/g9Eqg3U4

📢 𝗨𝗽𝗱𝗮𝘁𝗲 𝗼𝗻 𝗔𝘂𝘀𝘁𝗿𝗮𝗹𝗶𝗮'𝘀 𝗔𝗠𝗟/𝗖𝗧𝗙 𝗥𝗲𝗴𝗶𝗺𝗲 𝗥𝗲𝗳𝗼𝗿𝗺: 𝗣𝗵𝗮𝘀𝗲 𝗧𝘄𝗼 𝗖𝗼𝗻𝘀𝘂𝗹𝘁𝗮𝘁𝗶𝗼𝗻 𝗡𝗼𝘄 𝗢𝗽𝗲𝗻 The Attorney-General has launched the second phase of consultations aimed at reforming Australia's anti-money laundering and counter-terrorism financing (AML/CTF) laws. This follows insightful feedback from the initial consultation in mid-2023. 𝙒𝙝𝙖𝙩’𝙨 𝙤𝙣 𝙩𝙝𝙚 𝙏𝙖𝙗𝙡𝙚? 👉Extension of AML/CTF Laws: The proposed reforms suggest expanding #AML /CTF regulations to include high-risk services, affecting professionals like lawyers, accountants, real estate agents, and others. 👉Modernising the Regime: Efforts are underway to streamline the process, reducing complexity and ensuring it keeps pace with international standards and evolving threats. 👉Reduced Regulatory Burden: The changes aim to simplify due diligence and #compliance, lessening the load on businesses while enhancing protections against organised crime. 𝙔𝙤𝙪𝙧 𝙑𝙤𝙞𝙘𝙚 𝙈𝙖𝙩𝙩𝙚𝙧𝙨 The ongoing reforms are designed to fortify Australia against financial crimes and align with global practices. Your feedback is crucial to shaping a regime that is both effective and manageable. 📅 Deadline for Submissions: Make sure to submit your insights and feedback by 5:00 pm AEST, Thursday 13 June 2024. For more details on the proposals and to participate in the consultation, visit the Attorney-General’s Department website: https://lnkd.in/gNP5EB4u #FinancialServices #Regulatory

It seems likely FATF grey listing might well have finally prodded the Australian Government to introduce long-overdue AML reforms to key sectors in the Australian economy and to modernise the regulatory regime! Watch this space for the ongoing review to see if the proposed reforms are enacted.