As many as 50 clients and employees of an Australian accounting firm may be charged in one of the country's largest money laundering schemes, according to news reports. Australian prosecutors said that partners of Sydney-based Owen T. Daniel & Co. charged clients AUD$8,000 (USD$7,602.39) in initiation fees and AUD$1,500 annually to launder funds in offshore accounts under the guise of a consultancy fee, according to a May 6 report by the Daily Telegraph. The money was later returned to clients as tax-deductible loans, the paper said. Prosecutors have said that at least 50 of the firm's corporate and individual clients...
A group of investigative journalists reveal the identities of thousands of suspected tax evaders, U.S. prosecutors increasingly turn to a civil fraud statute to prosecute money launderers, and more, in this week's news roundup.
Australian financial institutions that haven't complied with a 2007 anti-money laundering act should expect to be penalized going forward, according to the executive general manager of the Australian Transaction Reports and Analysis Centre.
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.