(Bloomberg) -- Australia widened the scope of its anti-money laundering regulation to include real-estate agents and precious stone dealers following years of warnings over the use of illicit cash in these high-risk sectors.
Lawyers, accountants and company service providers will also fall under the expanded remit following the passage of the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Amendment Bill 2024 through parliament on Thursday night.
Until now, foreigners could splurge cash on precious stones or a prime property without having to identify themselves or the source of their funds.
Australia’s money laundering risk assessment for 2024 found “persistent exploitation” of high-value assets like luxury watches, vehicles and real estate as well as “persistent involvement” of professional service providers to help establish complex business structures and associated banking arrangements to help individuals launder funds and conceal wealth.
Subscribe to The Bloomberg Australia Podcast on Apple, Spotify, on YouTube, or wherever you listen.
On Friday, the government department responsible for detecting and deterring crimes in the financial system said money being laundered is generated from illegal activities that cause up to A$60.1 billion in harm to the country.
The bill was among dozens that passed the upper house of parliament on the final sitting day of the year, after the center-left Labor government suspended debate to pass as much of its legislative agenda as possible before the end of 2024.
©2024 Bloomberg L.P.