[jamhan]

The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) covers AML in Australia. Tranche (Part) 1 was implemented immediately. Tranche 2, covering real estate agents (among others) was supposed to follow reasonably soon after. It's now been ~17 years and it's still not implemented. [1]

In those years, the Australian property market boomed and states like New South Wales with its Stamp Duty tax generated billions ($9.379 billion for the 2020-21 financial year) in revenue [2]

Last week's arrests [3] are a drop in the bucket.

[1] https://insight.thomsonreuters.com.au/business/posts/tranche...

[2] https://www.abc.net.au/news/2021-06-20/stamp-duty-adds-9-379...

[3] https://www.abc.net.au/news/2023-02-03/afp-money-laundering-...