Tranche 2 hard for lawyers & real estate agents?

Amendments to the AML/CTF Act to include lawyers, accountants, real estate agents and motor vehicle dealers has occurred in New Zealand and domestic and international pressure is mounting on the Australian Government to do the same. Industry bodies are now in agreement and prepared to “do their bit”.

The below news clip shows that Australia has a $9 billion drug problem and real estate is a favoured money laundering method and the Australian Government is asleep at the wheel.  Twelve (12) years after inception, the AML/CTF Act has remained silent on the professional facilitators and money launderers are benefiting.  The necessary amendments, expanding the application of the Act, is commonly known as Tranche 2, and is now somewhat of a punch-line to jokes for AML/CTF professionals.  Australia will face the examiners from the Financial Action Task Force later this year and the report card will, once again, be damning if Tranche 2 is not enacted by then.  As the old ad from the 90s used to say “it won’t happen overnight but it will happen”.

Please share this article with those in your network who are real estate agents, car dealers, accountants and lawyers so they are informed and can make preparations. Thanks!

click here for the news link