Accountants, estate agents may have to report dirty cash suspicions

Accountants, lawyers and real estate agents look set to be required by law to report suspicious transactions to authorities, as part of an upgrade to anti-money laundering protections.

Alongside countries including China, Haiti, Madagascar and the United States, Australia is one of a handful of developed countries without tough rules against the use of dirty cash in property transactions and trusts, after moves to introduce so-called “Tranche 2” reforms stalled under the Coalition.