Lib & Labor voted against Greens push to close ‘Pandora Papers’ loophole
The ‘Pandora papers’ disclosed today reveal that Australia is a weak link in the fight against international tax avoidance, with accounting firms and real estate agents excluded from having to report to financial regulators over many suspicious transactions, giving these Australian firms a competitive advantage when orchestrating money laundering schemes for the super-rich.
Australia is one of only six countries in the world where accountants, lawyers and real estate agents are not required to report under anti-money laundering and counter-terrorism financing laws.