Industry perceptions on money laundering and financing of terrorism risks in non-financial sector businesses and professions Vol. 122 Part 2.
Julie Walters, Hannah Chadwick, Kim-Kwang Raymond Choo and Russell G Smith
Australian Institute of Criminology
Money laundering is the process by which criminals, particularly those involved in serious and organised crime, seek to convert illegally derived funds into assets that appear to be legitimate. Minimising opportunities for money laundering represents an important means of reducing the incidence of large-scale organised, financial crime in Australia.
The Australian Institute of Criminology (AIC) undertook research in order to determine 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 (FATF) on Money Laundering recommendations.