Australia is at risk of serious economic damage and is already suffering fallout from its failure to bring lawyers and other professionals into the anti-money laundering and counter-terror finance (AML-CTF) regime, a Senate committee says.
The legal and constitutional affairs references committee, which has been examining the adequacy of Australia’s current AML-CTF regime, said the country was a laggard by international standards and needed to move quickly to avoid being placed on a list of jurisdictions with systemic deficiencies in their laws.
