ABA welcomes extending AML/CTF laws

Sydney, 2 May 2016: The Australian Bankers’ Association has today welcomed recommendations to better protect our economy from organised crime and terrorism financing.

ABA Chief Executive Steven Münchenberg said: “We support the Attorney General Department’s findings to strengthen anti-money laundering (AML) and counter-terrorism financing (CTF) legislation. 

“Most importantly, this means extending the laws to include high-risk sectors such as lawyers, accountants, real estate agents, and trust and company service providers,” he said.

“Widening the regulatory net will help fight money laundering in Australia and put us in line with international best practice.

“It would also help businesses that do report under AML/CTF laws to meet their compliance obligations,” he said.

“Australia’s banks have a key role in preventing the serious crimes of money laundering and terrorism financing. We will continue to work with AUSTRAC and the Attorney General’s Department to implement these reforms for the benefit of all Australians,” Mr Münchenberg said.

ENDS

Contact: Stephanie Arena 0477 470 677 or Nic Frankham 0435 963 913

@austbankers