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Australia’s financial crime laws are unfit for purpose. The problem: there are many professionals currently facilitating money laundering within the country who are exempt from the laws and regulations set up to stop it.
To illustrate the extent of the problem, nine people were arrested on money laundering charges this year. They were allegedly involved in a Chinese-Australian syndicate that moved around $10 billion offshore and amassed at least $150 million in luxury assets and properties.
The suspects allegedly relied on lawyers, accountants, and real estate professionals to launder such large sums of money. These are the industries currently not regulated by our anti-money laundering and counter-terrorism financing laws.
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