INTHEBLACK June/July 2024 - Magazine - Page 18
F E AT U R E
Reforms to Australia’s anti-money
laundering and counter-terrorism
financing (AML/CTF) laws have
been proposed.
The proposal captures
accountants as “tranche two”
reporting entities, legally
requiring them to report
suspicious transactions
to regulators.
Singapore is considering
proposed legislative reforms,
while Hong Kong has
implemented risk-based
AML/CTF supervision
for accountants.
Australian policymakers are
looking to follow most other
countries and implement
anti-money laundering
measures for accountants
to comply with Financial
Action Taskforce standards,
as an estimated US$800 billion
to US$2 trillion is laundered
globally every year.
Words Gary Anders
After years of surveillance and
information gathering, the Australian Federal
Police (AFP) finally pushed the fire button
on Operation Avarus-Nightwolf in late
October 2023.
Launching simultaneous raids on
20 properties across the country, some
240 AFP officers, joined by around
90 forensic specialists and other specialists
18 INTHEBLACK June/July 2024
including dog handlers, moved to smash
Australia’s biggest money laundering
syndicate, known as Long River.
The raids led to the seizure of an estimated
A$160 million in assets – including luxury
properties, cars, boats, cash and cryptocurrency
– and to the arrests of seven people. With the
help of accomplices working in banks, they
allegedly laundered hundreds of millions
