Australia failing to meet international standards on anti-money laundering, attorney-general says

Australia failing to meet international standards on anti-money laundering, attorney-general says

Australian Attorney-General Mark Dreyfus says his country is at risk of being placed on the Financial Action Task Force’s grey list because it fails to meet global standards on combating money laundering and terrorist financing.

Grey list is a term that refers to a country that does not follow anti-money laundering rules or does not have good tax practices. Being on the grey list makes it more difficult for that country to do business with the rest of the world and can discourage foreign investment.

Brendan Thomas, CEO of Australia’s financial intelligence unit AUSTRAC, believes it is important to work with Pacific countries to prevent financial crime in the region.

“Australia is not only exposed to money laundering within Australia, but also in the region that could flow into Australia,” Thomas said.