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Ellison to defend lack of progress on money laundering at FAFT (Financial Action Task Force Meeting).



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SENATOR JOE LUDWIG Shadow Minister for Justice and Customs Manager of Opposition Business in the Senate Labor Senator for Queensland

21 July 2005

ELLISON TO DEFEND LACK OF PROGRESS ON MONEY LAUNDERING AT FATF MEETING

Today a red-faced Minister Ellison will meet with the president of the Financial Action Task Force on Money Laundering and defend Australia’s inability to so far conform to international recommendations on anti-money laundering.

Shadow Minister for Justice Joe Ludwig said Minister Ellison had only recently begun to take part in the consultations with industry that he should have been involved in right from the start.

Minister Ellison announced in December 2003 that reform of money laundering laws would take place following the release of FATF’s new standards, but two years on we are still to see anything to back this up.

Senator Ludwig said Australia was lagging behind other countriesin implementing this crucial legislation.

“If the Philippines and Indonesia have their legislation sorted out, surely Australia should have too?”

“The reason that we are still to see any legislation is because Senator Ellison has managed to bungle this from the start. This is yet another example of his failure to consult with relevant groups until the last minute.”

Senator Ludwig said FATF is due to release its report on Australia’s progress towards meeting its new standards in October, and if draft legislation was not released soon, it would not only be embarrassing for the Minister, but also Australia.

For further information contact: Joe Ludwig 0418 887 525 or Carly Hefford 0417 308 144