Anti Money Laundering Laws in Australia

   

Added on  2020-03-28

9 Pages1869 Words61 Views
Running head: CRIMINOLOGY1CriminologyName:Institution:Date:
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ACCOUNTING2IntroductionMoney laundering is a big issue in Australia. The illegal activity has been thriving in thecountry because it has been catalyzed by the booming property market in the country.Another reason why the activity has found a place in Australia is because successiveAustralian banks have failed to pass strong anti money laundering laws in the country. Thelack of political will by successive Australian governments to extend anti money launderinglaws to cover accountants, real estate agents and lawyers(Conklin, 2013). It is estimated that billions of dollars of dirty money has been laundered by means of buildingresidential property. ANZ’s head of financial crime, Guy Boyd, points a finger at thegovernment both current and past for not extending legislation and also because most of thosepoliticians come from the sectors mentioned(Conklin, 2013). Internationally, money laundering has become a major issue as the money is said to fundterrorism therefore destabilizing world peace. The main challenge with these at a global levelis that there are no common laws adopted by the the world . each country adopts its own lawsand enforces them individually, there is no collective approach by countries to this problem(Macdonald, 2013). WhyistheactivityclassifiedascrimeThe crime known as money laundering originates from what the Federal Law againstOrganized Crime indicates as operations with resources of illicit origin, in relation to what
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ACCOUNTING3the Federal Penal Code typifies as the crime of money laundering. Money laundering isknown as conduct of conduct to conceal the existence of an illegal source or the use ofincome derived from an illegal activity,hiding its origin to make it appear legitimate.The objective of the LAWS is to protect the financial system and the national economy,establishing measures and procedures to detect acts or operations that involve resources ofillicit origin. The subjects required to comply with this Law are:FinancialentitiesIndividuals and legalpersons who carry out vulnerable activitiesCustomersandusersoffinancialservicesCustomers and users in transactions on goods and services identified as vulnerableactivitiesRegulatory scheme to control it In addition to the guidelines of the Official Compliance Provisions, it is proposed: Adoptinternational instruments and cooperation In order to detect a problem at an early stage,consider offices sent by the Authorities (PGR, FIU, SHCP, etc.). Check black lists like:OFAC, INTERPOOL, FBI, etc. Be up-to-date with the information notes of radio, TV,newspapers and magazines. What is meant by a previous offense in money laundering? Thereis an illegal primary activity that generates income, which is sought to be reinserted in thelegal field. A ruling by the Court of Justice of Australia set precedents and opened the way
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