Most laws meant to combat money laundering have proven counterproductive and have failed to address the fact that dirty money is often cleaned in otherwise legitimate businesses, says Andrew Haynes.
As many as 50 clients and employees of an Australian accounting firm may be charged in one of the countrys largest money laundering schemes, according to news reports.
Anti-money laundering requirements, part of a law passed in 2006, are being rolled out in stages by the country's chief financial regulator. The rules implemented on Wednesday represent the "most significant provision" of that effort, the regulator said.
The Australian governments financial intelligence unit, AUSTRAC, has launched an investigation to examine how the Australian financial system is being used to move criminal proceeds.
print