Banking Review

Reining in remitters

Regulatory reform in Australia’s remittance sector is back on track
in an effort to crack down on money laundering

BY ELTON CANE

Now that the Labor Government under Julia Gillard has secured the required level of support in parliament to form a minority government, the process of regulatory reform for remittance operators in Australia will resume.

In July, the Minister for Home Affairs, Brendan O’Connor, detailed proposed measures to stop international funds transfer services being used to fund people smuggling and serious crime.

A paper was published and industry consultation planned for August. This will now take place throughout September and into October.

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