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MONEY LAUNDERING LAWS A BURDEN FOR SMALL BIZ: AUSTRALIAN GOVT.
SYDNEY, April 1 Asia Pulse - The Australian government says it will consider the impact of the global financial crisis in enforcing new requirements for small businesses to report suspicious transactions.
Current laws require banks, casinos and other designated businesses to take steps to prevent money laundering and the funding of terrorist organisations.
Such businesses have to report transactions over A$10,000 (US$6,955) to the Australian Transaction Reports and Analysis Centre (AUSTRAC), as well as any instructions to transfer money offshore.
Federal Attorney-General Robert McClelland said money laundering in Australia involved about A$4.5 billion each year.
"That's A$4.5 billion funding crime, which obviously impacts on our streets," Mr McClelland told the Anti Money Laundering and Counter-Terrorism Conference in Sydney on Wednesday.
"From the point of view of those purposes, not only is it a crime but also the prospect of it supporting organisations that would undertake terrorist acts."
The scope of the laws is to be extended this year to include small businesses like real estate agents, ...
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