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ADELAIDE - A new ministerial advisory group that will help implement legislation to detect and deter money laundering and terrorism funding met for the first time yesterday in Canberra.
The Anti-Money Laundering and Counter-Terrorism Financing Council will provide high-level advice on two fronts: 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," Minister for Justice and Customs Senator David Johnston said.
"They also bring Australia into line with international standards."
The changes mean financial and gambling businesses will have to take increased measures to identify and verify their customers.
"We developed these laws through extensive consultation with industry and we will continue that through the new council," Johnston said.
The second tranche of anti-money laundering reforms will tighten controls in industries including real estate, precious stones and metals dealing, and accounting and legal services.
"Representatives of these industries have been invited to participate in the council, along with those of industries affected by first-tranche reforms," he said.
"Failing to cut off the avenues for money-laundering means hindering detection of crimes like drug dealing," Johnston added.
-AAP
