Australia has brought in sweeping new laws to combat money laundering – but will they work?

The start of the new financial year on July 1 was a special date for Australian laws against money laundering and terrorist financing. For years, anti-money laundering (AML) and counter-terrorism financing (CTF) rules have applied to banks, casinos and gold bullion dealers. Now, for the first time, they also apply to accountants, lawyers and real estate agents. These reforms mark a sea change in the relationship between regulated businesses and their customers. But although such laws are now…