In recent times, Australia has implemented some interesting strategies to address money laundering.Briefly discuss these strategies.

Question

Quizplus · Accepted Answer

The Answer is Responses should make reference to:
-Changes to legislation (Proceeds of Crime Act 2002) support the following: confiscation of assets acquired from crime; forfeiture of property (which is returned to the Commonwealth); the requirement for the offender to repay (to the Commonwealth) a financial amount equal to the total sum of assets acquired through criminal activity.
-Unexplained wealth laws (2010) specify that if a person's wealth is in dispute, they can be summonsed to court to explain how they acquired it.If they cannot show that it was by legitimate means, they can be ordered to pay the amount of their wealth to the Commonwealth.
-Formation of a multi-agency approach including Federal Police, Australian Taxation Office, Australian Crime Commission and Commonwealth Director of Public Prosecutions to channel resources to identify wealth accumulated by criminals.

In Recent Times, Australia Has Implemented Some Interesting Strategies to Address