The Australian Bankers' Association (ABA) has thrown its support behind recommendations by the federal Attorney-General’s Department aimed at strengthening anti-money laundering and counter-terrorism financing (AML/CTF) legislation.
The Attorney-General’s recommendations are based on a report, released 29 April, on its statutory review of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.
Some of the recommendations include providing regulated businesses with enhanced feedback and simplifying and aligning correspondent banking obligations with Financial Action Task Force standards.
ABA chief executive Steven Münchenberg said Australia’s banks have a key role in preventing money laundering and terrorism financing.
“Widening the regulatory net will help fight money laundering in Australia and put us in line with international best practice,” he said.
“This means extending the laws to include high-risk sectors such as lawyers, accountants, real estate agents, and trust and company service providers.
“It would also help businesses that do report under AML/CTF laws to meet their compliance obligations,” Mr Münchenberg said.