The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) covers AML in Australia. Tranche (Part) 1 was implemented immediately. Tranche

The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) covers AML in Australia. Tranche (Part) 1 was implemented immediately. Tranche 2, covering real estate agents (among others) was supposed to follow reasonably soon after. It's now been ~17 years and it's still not implemented. [1] In those years, the Australian property market boomed and states like New South Wales with its Stamp Duty tax generated billions ($9.379 billion for the 2020-21 financial year) in revenue [2] Last week's arrests [3] are a drop in the bucket. [1] https://insight.thomsonreuters.com.au/business/posts/tranche-too-hard-australia-edges-forward-with-glacial-aml-ctf-law-reform-agenda https://insight.thomsonreuters.com.au/business/posts/tranche... [2] https://www.abc.net.au/news/2021-06-20/stamp-duty-adds-9-379-billion-to-state-budget/100229554 https://www.abc.net.au/news/2021-06-20/stamp-duty-adds-9-379... [3] https://www.abc.net.au/news/2023-02-03/afp-money-laundering-bust-highlights-real-estate-vulnerability/101923160 https://www.abc.net.au/news/2023-02-03/afp-money-laundering-...