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Anti-money laundering laws

Media Release
Nick McKim 10 Dec 2020

The Government and Labor have again wasted an opportunity to include real estate agents, accountants and lawyers subject to mandatory reporting of money laundering.

"We have been waiting 14 years for this badly needed reform," Greens Economic Justice spokesperson Senator Nick McKim said.

"Dirty money is flooding Australia's property market, helping to push house prices even higher, and making owning a home even more difficult for too many Australians."

"The Greens' amendment would have forced the Government to introduce legislation to include real estate agents, accountants and lawyers in the mandatory reporting scheme."

"Such measures have been introduced in all but six countries around the world and have been promised since 2006."

"Labor promised this reform before the last election, but they have squibbed it at the first hurdle."

"This is a huge wasted opportunity to get serious about tackling dirty money in Australia."

“The Greens’ amendment did not specify how real estate agents, accountants and lawyers should be regulated, just that the government should introduce legislation that would do so."

“This was so as to give the government scope to design laws to avoid any unintended consequences including jeopardising client legal privilege.”

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