Minister for Home Affairs, Mr Tony Burke, will seek to introduce a new power enabling the AUSTRAC CEO to restrict or prohibit certain high-risk products, services or delivery channels.
The amendment would give the AUSTRAC CEO additional options to reduce money laundering risks associated with high-risk products.
AUSTRAC CEO, Brendan Thomas, welcomes these changes and said if Parliament passes the law, AUSTRAC will be ready to use them.
“We’re still seeing an unacceptable risk of money laundering across some channels,” Mr Thomas said.
Powers proposed to tackle high-risk products services and channels
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