The role of designated non-financial services businesses in laundering funds in Australia
OPINION: At the present time Australia’s anti-money laundering and counter-terrorism financing laws do not apply to certain designated non-financial services businesses (DNFSBs), which is a major vulnerability against efforts to thwart financial crime.
This article today has it all: a $10 million payment to buy a luxury waterfront mansion in Brisbane made by ASX-listed Horizon Oil, transferred to a shell company controlled by a former personal lawyer, through at least three Australian Banks on behalf of a senior politically exposed person (PEP) in the Papua New Guinea government that is facing a corruption probe.
It begs the question why the Australian Government has been so slow to act to expand anti-money laundering and counter terrorism financing (AML/CTF) laws to lawyers, accountants, real-estate agents, trust and company service providers and other high-value dealers and until they do Australia will remain vulnerable to funds being laundered through these sectors.
Read more on the Australian Financial Review. Article written by Angus Griggs and Jemima Whyte 14 April 2020.
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