RealNews

Australia Still Viewed As A Soft Target For Money Laundering

While the risks are lower, Australia is still viewed as a soft target for money laundering and terrorism finance, a conference heard today. Macquarie Bank senior economist Brian Redican said Australia was in a better position to handle a money laundering problem than in other jurisdictions, but said there was no room for complacency. Speaking at an Asia Pacific Private Banking conference held in Sydney today, Mr Redican told delegates that roughly two to five per cent of global GDP consisted of money laundering – representing between about $A14 billion ($US11.11 billion) to $A40 billion ($US31.74 billion) annually. “For Australia, it would be very much at the lower end of that spectrum… (with about) $A10 billion ($US7.93 billion) to $A15 billion ($US11.9 billion) annually of Australian money laundered. Full Story

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