Australia Tightens Money Laundering Rules For Real Estate, Gems

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Australia widened the scope of its anti-money laundering regulation to include real-estate agents and precious stone dealers following years of warnings over the use of illicit cash in these high-risk sectors.

Lawyers, accountants and company service providers will also fall under the expanded remit following the passage of the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Amendment Bill 2024 through parliament on Thursday night.

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