Stockbrokers the new Money Laundering Front Line as Illicit Funds target the ASX

Stockbrokers the new money laundering front line as illicit funds target the ASX

Key points:

A proposed law change means stockbrokers would not need to identify their clients for up to five days after making a trade
Experts say that could open up a new loophole for proceeds of crime to be laundered through the ASX
Stockbrokers say they did not ask for the change and most brokers would not take the risk of trading on behalf of an unidentified client

And Related Articles:

How banks help criminals get rich

Fraud, money laundering and insider trading the biggest risks to ASX: AUSTRAC

Australia a ‘place of choice’ for money laundering due to lack of regulation: ANZ

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