https://www.capitalbrief.com/briefing/lawyers-accountants-included-in-govts-new-anti-money-laundering-bill-a639e0cf-1fa6-4931-971e-a91608825ab5/

The Albanese government has unveiled new anti-money laundering and counter-terrorism financing legislation, with new requirements for lawyers, accountants and real estate agents. The new sectors to be covered by the legislation are so-called 'tranche-two' entities.

The context: The new requirements for tranche-two entities, which also includes dealers in precious stones and metals, would close a regulatory gap first identified in 2015 by the international Financial Action Task Force for Australia's failure to meet global standards.

In a speech to the National Press Club in July outlining the money laundering National Risk Assessment (NRA), Attorney-General Mark Dreyfus said Australia was at risk of being "grey-listed" by the international Financial Action Task Force for failing to meet global standards.

Grey-listed countries face increased monitoring from the Paris-based intergovernmental group to address deficiencies in national systems to counter money laundering and terrorism financing.

What they said: In a media statement, Attorney-General Mark Dreyfus said that "each year billions of dollars are generated from illegal activities such as drug trafficking, tax evasion, cybercrime, human trafficking and arms trafficking. The proceeds from these crimes are used to fund further serious crimes such as terrorism and child abuse".

"The Bill will modernise Australia’s AML/CTF system to ensure it keeps pace with our global financial system — closing the gaps that increasingly sophisticated and professional criminal organisations can exploit," he said.

"This includes extending the current regulation of virtual asset service providers, that are exploited by serious and organised crime groups to launder the profits of their crimes and hide the origin of funds."