Transparency International Australia position on anti-money laundering and the FinCEN Files

Posted on October 2, 2020

Transparency International Australia makes clear the case for strengthened anti-money laundering (AML) laws to stop criminals from profiteering though our financial institutions and the real estate sector.

Continuous due diligence must be the bedrock of risk management. ‘Know your customer’ must reach new heights. This means understanding of the integrity, track record, and character of clients and account holders. It means unravelling the web of corporate structures and identifying any suspected links to politically exposed persons and crime and corruption syndicates.

The blog recommends Australia needs to:

  • Extend the AML net to cover lawyers, accountants, real estate agents and company service providers.
  • Establish a public register of beneficial owners, including nominee trusts and Directors.
  • Ramp up the investigation and prosecution of financial crime, including money and stolen assets from foreign governments that are shifted to Australia, and return those stolen assets where possible.
  • Establish a national unexplained wealth scheme to combat the ability of criminals to profit from their crime.