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Australia needs to expand AML/CTF laws to lawyers, accountants, trust and company service providers and high-value goods dealers

On 20th April 2023, the Attorney General’s Department (AGD) issued its long-awaited consultation paper seeking comments on simplifying and modernising the AML/CTF Act; expanding the laws to new gatekeeper professions and other sectors, and other matters. Australia has a terrible track record of failure to prevent money laundering and tax evasion.  In 2015, the FATF…

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It’s time to close the money laundering loopholes in Australia’s real-estate sector

There is irrefutable evidence that organised criminal networks are widely using Australia’s real-estate sector to launder the proceeds of crimes. And in the Panama Papers leak of over 11.5 million documents found there were over 320,000 offshore entities established between 1977 and 2015, with over 1,700 officers (directors, shareholders and/or beneficiaries) and 1,400 addresses connected…

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Australia’s proposed tranche 2 laws lack the regulation of the high-value goods dealers sector

The Department of Home Affairs (DFAT) published a paper back in 2016 that focussed on the significant risks of organised criminal networks laundering funds through high-value goods dealers, such as precious metal and jewellery, art and antiquities, motorised vehicle dealers and luxury goods dealers. In this paper, DFAT noted, “The regulation of HVDs under the…

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Arctic Intelligence responds to proposed AML/CTF reforms

On 20 April 2023, the Attorney General’s Department (AGD) announced a public consultation of proposed reforms to Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) regime. The proposed reforms include extending the existing AML/CTF legislation to capture additional ‘tranche-two’ high risk entities including lawyers, accountants, trust and company service providers, real estate agents and dealers in…

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AML/CTF regulation for lawyers back on the table

Arctic Intelligence | Tranche Two AML/CTF increased transparency bill

Amidst the hurly-burly of pre-federal election chicanery and Budget 2022 hysteria, it would have been easy to blink and miss one of the more important Senate committee reports for lawyers in the last few years. Follow us on LinkedIn and Twitter for a daily dose of financial crime news across the globe.

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It’s all just a little bit of history repeating itself: How business risk assessments could help to reduce the de-risking of the crypto currency sector

Arctic Intelligence | De-risking and FinTechs

Introduction In 2021, a Select Committee was set up in Australia to receive evidence on the country’s role as a technology and financial centre. Several different topics were canvassed, for which a variety of stakeholders made written submissions. One of these topics was the evolution of the cryptocurrency sector and the service providers who support…

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The Westpac scandal: how did it happen?

Arctic Intelligence | Neo Advisory choose Arctic Intelligence to help clients with AML/CTF risk assessments

By Charlotte Grieve, The Sydney Morning Herald Westpac is alleged to have breached anti-money laundering laws 23 million times. How does that happen? What are banks obliged to track nowadays? And what does the scandal mean for other banks? The fallout from Westpac’s 23 million alleged breaches of anti-money-laundering laws has plunged the bank into crisis and…

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