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Australia's Money-Laundering Rules Tightened

10 June 2004

AUSTRALIA – As reported by the Australian: "Casinos, jewellers, gem dealers, lawyers, accountants and real estate agents will be forced to report more information about the activities of clients who are high-profile criminal or terrorist suspects, under new anti-money laundering laws.

"But Federal Justice and Customs Minister Chris Ellison said yesterday the Government already had the power to track the financial activities of suspects in Victoria's gangland war.

"The new regime, likely to come into effect next year, will require a range of institutions to report all financial transactions above a certain amount, plus any other transactions that appear suspicious.

"…The new regime will order banks, casinos and other institutions to monitor 'politically exposed persons' such as political leaders, even if they are not subject to any criminal investigation…"

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