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Australian Law to Track Money

26 February 2004

AUSTRALIA – As reported by the Australian: "Casinos, estate agents, gem dealers and some financial institutions are 'very vulnerable' to money-laundering and will be asked to report on their customers' business under a tough new regime to track money linked to crime and terrorism.

"The new law, which the Government hopes to have in place by next year, will force institutions to obtain more information from customers, including proof of identity, business activities and the source of their money.

"The law will require banks, fund managers, estate agents and other businesses to identify suspicious transactions and seek extra information on politically sensitive customers.

"…Australia must bring in the new laws to comply with international standards set by the Financial Action Task Force on Money Laundering, a body set up in 1989 by countries including Australia, the US and Britain…"

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