Real estate agents, accountants and lawyers are ready to go to war with the Albanese government over a planned expansion of dirty money laws, strongly resisting moves to extend reporting obligations they say threaten client confidentiality. Australia is among a handful of countries that do not include property, law, tax professionals and precious metal dealers in anti-money laundering protections, and consultation on changes has been under way for months.
An international report has warned ill-gotten money from China is being laundered via Australian property.Currently, the rules apply to casinos, bullion dealers and some solicitors, with reporting obligations for transactions of more than $10,000.understands legislation for a planned overhaul of the rules, as well as changes to counter-terrorism financing protections, are due to be put to federal parliament next year. Transparency experts and the government agree significant gaps and vulnerabilities in the law have made Australia an increasingly attractive destination for laundering illicit cas