Mark Dreyfus: In opposing money laundering laws, Libs stand with criminals

Money laundering is not a victimless crime — and all Australians should be concerned about it.

Money laundering funds terrorism, human trafficking, drug trafficking, cybercrime and child sex abuse.

Australia needs to act now to stop organised crime in its tracks. That’s the view of the Australian Federal Police and Australian Transaction Reports and Analysis Centre.

That’s why I was shocked to see Senator Michaelia Cash, herself a former first law officer of this nation, declaring in The West Australian that she doesn’t support the Government’s efforts to crack down on this criminal behaviour.

Perhaps I shouldn’t be, given Senator Cash was a senior member of a government that failed to tackle the significant deficiencies in our ability to combat money laundering and counter-terrorism financing despite being in power for almost a decade.

Money laundering also forces Australians trying to buy their family home to compete with criminals washing their illicit funds through real estate.

While other countries strengthened their defences against the proceeds of criminal and corrupt business practices, over the last decade the former government failed to act, and left the door wide open for billions of dollars of illicit funds to flood into Australia.

As a result, Australia has been singled out multiple times by the Financial Action Task Force, the global financial watchdog, for our non-compliance with global standards.

As a result of Senator Cash’s failure in government Australia is now at risk of being grey-listed by FATF which would have serious consequences for our national economy, and businesses of every size.

Unlike Senator Cash and Peter Dutton, the Albanese Government has no tolerance for money laundering and illicit financing of any kind.

The Albanese Government is committed to strengthening our financial systems to prevent the financing of drug trafficking, child abuse, terrorism and organised crime.

That’s why we introduced a Bill that addresses serious vulnerabilities in the current regime identified by AUSTRAC and the AFP.

It’s why we’re investing $166 million to tackle money laundering while making sure businesses — real estate agents, lawyers, and accountants — have the support they need to help protect Australia.

Senator Cash, by contrast, is saying it’s okay for Australia’s economy to come into disrepute.

That criminals should continue to be able to buy houses ahead of first homebuyers.

And that crime syndicates should continue to exploit our outdated laws at the expense of Australians.

The Opposition has already attempted to stand in the way of these important by delaying its progress through the Parliament.

Delaying reforms that will stop criminals in their tracks, and protect hardworking Australians from having to compete with dirty cash in our housing market.

Senator Cash said many things in her recent opinion piece that should alarm Australians.

She doesn’t believe Australians deserve to have their privacy protected from scammers and crooks.

She doesn’t think that women sexually abused or harassed at work deserve proper support when they seek justice.

But I never expected her to stand against efforts to stop terrorism and child abuse.

Let me be very clear. Opposing these reforms means aiding and abetting the criminal abuse of our financial system by drug traffickers, human trafficking, cybercriminals, terrorists and those who exploit and abuse children.

Opposing these reforms enables criminals to continue to engage in and profit from those serious crimes.

If the Liberal Party continues to oppose this Bill it is aiding the criminal networks who engage in despicable acts that hurt our whole community.

They are standing on the side of terrorists and child abusers.

That would be a shameful thing.

Mark Dreyfus is the Federal Attorney-General