Aussies taken to cleaners by money laundering law

摘要

New laws to combat money laundering and terrorist financing in Australia will place a big burden on banks and taxpayers as well as compromise personal privacy, warns Michael Imeson. Australia has strengthened its anti-money laundering laws by passing the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Act. It received Royal Assent on December 12, 2006. It applies to financial institutions and specified businesses and professionals.