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Inquiry into the capability of law enforcement to respond to money laundering and financial crime

The Law Council of Australia provided a submission to the Joint Committee on Law Enforcement (the Committee) in relation to its inquiry into the capability of law enforcement to respond to money laundering and financial crime (the Inquiry).

The Committee’s consideration of issues concerning law enforcement, money laundering, and financial crime is timely given the Australian Government’s recent consultation on proposed ‘tranche 2’ reforms to extend the existing AML/CTF regime to services provided by lawyers and other professions. The Law Council has made submissions to both rounds of consultation conducted by the Australian Government.

The Law Council provides this submission to the Committee to highlight several issues with respect to three of the Inquiry’s terms of reference, being:

  1. proposed ‘tranche 2’ reforms to extend the existing AML/CTF legislation to services provided by lawyers, accountants, trust and company service providers, real estate agents and dealers in precious metals and stones and implications for law enforcement (tranche 2 reforms);
  2. whether existing criminal offences and law enforcement powers and capabilities are appropriate to counter money laundering, including challenges and opportunities for law enforcement, such as those relating to emerging technologies (law enforcement powers and capabilities); and
  3. the role and response of businesses and other private sector organisations, including their level of awareness, assistance to law enforcement, and initiatives to counter this crime (private sector awareness).

Read the full submission below.

Last Updated on 13/08/2024

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