In 2006, Australia agreed to implement global “Tranche 2” anti-money laundering (AML) rules aimed at non-financial assets (especially property).
Ever since, vested interests in the real estate, legal, and accounting professions have lobbied against this AML legislation, causing its implementation to be postponed.
Stakeholder discussions in 2008, 2010, 2012, 2014, and 2017 resulted in the Australian government postponing the implementation of these global AML standards, which were deemed “too harsh” by both Coalition and Labor governments.
