Anti-money laundering

Money laundering, whereby the proceeds of crime are disguised and legitimised, is estimated to cost the Australian economy at least $10 billion annually.

In 2006, the government passed the 1st tranche of legislation establishing a new regime to combat money laundering and terrorism financing and to meet Australia's international obligations as a member of FATF.  The full implementation of the AML/CTF regime, which will impact accountants' practice processes, has been delayed subject to a Government decision.