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Dirty money hurts everyone and the second tranche of legislation is now long overdue, says software specialist First AML.
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Rid nation of money laundering stain, Canberra told
17 April 2023
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10 minute read
Every hour $1 million is laundered by Australian criminals in illegal activity that adds up to billions and damages the nation’s reputation, according to anti-money laundering software specialist First AML.
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The company set up three washing machines filled with fake money in the Sydney CBD last week to illustrate the “devastating extent of money laundering in Australia” and the reality that we are now “viewed internationally as one of the money laundering capitals of the world”.
First AML said the Albanese government needed to deliver the long-awaited second tranche of the country’s anti-money laundering regime as soon as possible, following the first tranche made law in 2006.
Due to be introduced three years ago, the second tranche would extend the obligations regime beyond the financial sector but was delayed by the pandemic.
The CEO of First AML, Milan Cooper, said the washing machine stunt was designed to restore the issue to the priority list.
“Our goal with this event is to raise awareness of the impact that money laundering has on Australia's economy and society,” he said.
“We want to show people – including businesses, politicians, and everyday Australians alike, that this is not a victimless crime – it harms everyone in the country.”
“Consider how many Australians – how many people – have been hurt through the actions of criminals who are targeting the Australian system to launder illicit funds. Tighter laws are necessary to protect the people of this country.”
The company pointed to estimates by the Australian Crime Commission that it costs the country between $10 to 15 billion every year, with the Australian Transaction Reports and Analysis Centre (AUSTRAC) putting the worldwide annual figure at $1.5 trillion.
Mr Milan said recent investigations into the country’s biggest gold and silver refiner, Perth Mint, by AUSTRAC for potential money laundering, well-publicised police drug hauls and recent swoops by the AFT showed the amounts at stake.
“Early in February, the AFP dismantled an alleged Chinese-Australian money laundering organisation that moved an estimated $10 billion offshore while amassing a blue-chip Sydney property and land portfolio,” he said.
“By highlighting the extent of money laundering, we hope to encourage businesses and individuals to take action to prevent it.”
First AML was founded in New Zealand and develops proprietary, cloud based technology for accountants, financial services, lawyers and real estate agents to ensure clients comply with regulators. It’s creating an audit-ready database of complex entities that, with customer consent, can be shared between companies without duplicating the verification process.
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