Australia has brought in sweeping new laws to combat money laundering – but will they work?

Australia is dramatically expanding its anti-money-laundering oversight. As of July first, accountants, lawyers, and real estate agents now must comply with the same financial crime safeguards that banks and casinos have followed for years—bringing nearly eighty thousand new businesses into the regulatory framework. The Conversation Australia reports that the country moved slowly on this: the Financial Action Task Force recommended extending these rules back in two thousand three, but Australia didn't pass the legislation until twenty twenty-one. Past enforcement carries real weight: the Commonwealth Bank paid seven hundred million dollars in twenty eighteen for failing to monitor transactions, and Westpac faced a one point three billion dollar penalty in twenty twenty. Yet experts debate whether the system works: while it costs the global financial sector two hundred six billion dollars annually to comply, many jurisdictions still see hundreds of billions laundered despite decades of strict enforcement.

Listen to this story

Hear this and more stories in a personalized audio briefing.

Open The Chonkerton