AUSTRALIA: NEW AML LAWS DRAFTED – BUT REFORM PROCESS STALLS
November 2nd, 2020
IN Australia, the process of bringing the nation’s AML/CFT laws and regulations up to international standards has stalled, senior AML/CFT specialists have told MLB. And a widening banking scandal currently highlights the need for reform, they say, with Australian financial institutions struggling to detect and report money laundering and other criminal transactions.
Concern has been deepened by a case focused on Westpac, one of the big four banks in Australia.
The FIU, the Australian Transaction Reports and Analysis Centre (AUSTRAC), last November ...
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