In 2006, Australia agreed to apply worldwide “Tranche 2” anti-money laundering (AML) guidelines for non-financial assets (mainly property).
Since then, vested interests in the real estate, legal, and accounting professions have lobbied against this AML legislation, delaying its implementation.
Stakeholder talks in 2008, 2010, 2012, 2014, and 2017 led to the Australian government delaying the implementation of these worldwide AML standards, which were deemed “too harsh” by both the Coalition and Labor governments.
