This research forms part of an AIC research program funded by the Australian Government to examine a variety of areas of money laundering and terrorism financing risks and consider legislative and other response strategies most appropriate to deal with such risks. The report is split into two parts.
Part one describes how legal practices perceive the money laundering and financing of terrorism risks posed by their clients and their clients' transactions; identifies risk management tools employed by legal practices; and outlines perceived benefits and concerns regarding the capture of legal professionals under the AML/CTF Act.
Part two examines how industry views the level of risk that exists in the business and professional sectors representing legal practitioners, accounting professionals, real estate businesses, dealers in precious metals and precious stones and trust and company service providers, that are the business and professional sectors included within the Financial Action Task Force on Money Laundering recommendations.