Australia is updating its laws to align more closely with the international standards set by the Financial Action Task Force.
Accountants, lawyers, real estate professionals and dealers in precious metals and stones are being brought into the AML/CTF regime because the services provided by these professions can be misused by criminals to launder money, sometimes without the professional being aware of it.
The reforms were passed into law on 10 December 2024 and apply to newly regulated accounting services from 1 July 2026.