KEY POINTS:
A new ministerial advisory group that will help implement legislation to detect and deter money laundering and terrorism funding meets for the first time today in Australia's capital, Canberra.
The Anti-Money Laundering and Counter-Terrorism Financing Council will provide high-level advice on implementing existing legislation to protect financial institutions and upcoming legislation regarding industries.
"The laws, which were passed in December, are essential to protect our financial institutions from being used by criminals to clean the dirty profits of their offences," Australia's Minister for Justice and Customs Senator David Johnston said in a statement.
"They also bring Australia into line with international standards so we can retain our place in the global financial market."
- AAP
