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Anti-money laundering law imposes new costs across Australia

Anti-money laundering law imposes new costs across Australia

The changes are expected to result in A$13.9 billion in additional costs over the next decade. Photo credit: jd8/Shutterstock.

Bradfield MP in the Australian Parliament Paul Fletcher has raised concerns about the new A$13.9 billion ($9.36 million) costs arising from the Anti-Money Laundering and Terrorist Financing Amendment Bill.

Speaking to Parliament, Paul Fletcher highlighted the potential economic burden the bill could place on small businesses across Australia.

The bill aims to expand its reach to include accountants, lawyers, real estate agents and gem dealers, among others.

According to treasury modeling, these changes are expected to result in additional costs of A$13.9 billion over the next decade.

Paul Fletcher highlighted the timing of these costs, noting that they coincide with a cost of living crisis that could put additional strain on businesses.

The Treasury estimates that accounting services providers alone could incur additional costs of A$2.883 billion as a result of the bill.

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Paul Fletcher said: “Almost 90,000 businesses across Australia will now be subject to this complex new regime. It’s a huge step, and one that [the Coalition] takes it very seriously.”

“Who bears these costs? It’s the accountants who do the taxes for cafes and bookstores, and for moms and dads who hire someone to help them with their financial affairs. It is the real estate agents who manage sales and rentals. They are the country’s lawyers who operate small law firms in rural and regional areas of our country. These are the people who get paid. The chances are good that these additional costs will be passed on to Australian families.”

He warned that the benefits of the bill remain unclear, particularly for the companies affected by the new rules.