Real estate’s $11 billion shame
The buildings are part of $21 million worth of assets confiscated by a multi-agency task force that includes AUSTRAC.
And for those who are in cahoots, knowingly turning a blind eye, the answer is simple: they should be jailed.
AUSTRAC has unveiled new guidance around anti-money laundering reforms and given the sector a month to make submissions to the latest changes.
Penalties of $19,000 a day for those who do not sign-up to the new regime. And failure to carry out annual compliance reports also carry a $19,000 fine.
AUSTRAC is involved in a 'frenetic' amount of activity as the number of businesses it monitors is set to jump from 15,000 to 90,000.
Timeline for the introduction of Tranche 2 reforms that will bring practitioners under AUSTRAC scrutiny.
AUSTRAC obligations on conveyancers and property lawyers represent a real change in ethics and client privilege, according to practitioners.
With Tranche 2 anti-money laundering rules around the corner, that's one of the questions we asked award-winning conveyancer and trainer Garth Brown who gives his expert view on what the reforms will mean for the sector.
Two senior industry figures who spoke to Australian Conveyancer Quarterly – out next week – suggest the added cost and compliance will tip some over the edge.
Reforms will have a huge impact on the industry in terms of impact on resourcing, on process and how those changes are rolled out to conveyancers.
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