SYDNEY (Reuters) – Australia on Tuesday proposed a new law requiring technology firms such as Alphabet Inc’s Google, Facebook and Apple to give police access to private encrypted data linked to suspected illegal activities. The measure, which targets platforms the Australian government says could be used for criminal activities or to plan a terror attack, […]

ANZ Bank says a lack of political will has seen successive Australian governments fail to extend money laundering laws to cover lawyers, real estate agents and accountants. Australia’s hot property market is an attractive haven for criminals, with estimates that billions of dollars of dirty money is being laundered through residential property. Australia’s anti-money laundering […]

In tax evasion hunt, Australia finds scores of Swiss accounts still active. Hundreds of secret Swiss bank accounts identified by Australian authorities as part of a global tax evasion and money laundering investigation are still in use, a top tax official said on Wednesday. Coordinated raids on scores of suspicious bank accounts began last week […]

AUSTRAC has filed papers in the Federal Court against three Tabcorp group companies for extensive, significant and systemic non-compliance with Australia’s anti-money laundering and counter-terrorism financing legislation. The application and statement of claim initiates civil penalty proceedings against Tab Limited, Tabcorp Holdings Limited and Tabcorp Wagering (Vic) Pty Limited. This action follows a long and […]

A private investigator filmed secretly at a leading law firm in Papua New Guinea, revealing a trail of corruption and influence peddling involving politicians, bureaucrats and lawyers. The investigator posed as a fund manager looking to invest in PNG during an initial appointment with Young and Williams Lawyers. He was working for the NGO, Global […]

On 1 June 2014, new customer due diligence requirements were introduced in Australia to amend the Anti-Money Laundering and Counter Terrorism Financing Rules Instrument 2007 (No.1) (AML Rules). New customer due diligence requirements In brief, key obligations under the new customer due diligence requirements include:  requirements to identify and verify the identity of settlors of […]

The EU has enacted new legislation expanding its existing sanctions against Russia. Herbert smith have published a briefing providing an overview of the new measures, namely: an expansion of the restrictions on dealing in transferable securities issued by listed Russian banks; the application of these restrictions to listed Russian companies in the military and oil […]

The new wave of sanctions from ‘Down Under’ targets 50 people and 11 companies. Russia responded by calling the move “counterproductive” and blacklisted Vladimir Yakunin, head of Russian Railways, said it’s a pity he won’t see the kangaroos in the wild. Australia’s Minister for Foreign Affairs made the matter public in a media release on […]