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Money laundering.
It's a business that's rife worldwide, with billions of dollars illegally laundered each year.
In Australia it's estimated that money laundering costs the economy A$60 billion a year.
In 2026, money laundering is under the microscope because Australia's Anti-Money Laundering and Counter Terrorism Regime is being expanded.
New gatekeepers are being added to the mix to fight against this crime, including accountants, lawyers, real estate agents and dealers in precious metals and gems.
In this second series of Crime by Numbers, delve into the murky depths of the world's laundromat.
Episode one goes inside the laundry and explores why money laundering is so harmful, the far-reaching costs to individuals and economies and what we can do to clean it up.
Listen now.
Host: Jacqueline Blondell, editor, CPA Australia
Experts:
Geoff Peck, a former fraud squad detective with Victoria Police's major Fraud Group, and managing director, Forensic & Integrity Solutions
Brendan Thomas, AUSTRAC CEO
Amanda Wood, managing director, Kroll's Investigations, Diligence and Compliance Practice
Dr Milind Tiwari, senior lecturer the Australian Graduate School of Policing and Security at Charles Sturt University in Canberra
Kris Wilson, team leader, Cybercrime Investigations at Australian Federal Police
For more, head to the Australian Institute of Criminology website.
Need help with your AML/CTF obligations? AUSTRAC and CPA Australia have a host of resources.
In the next episode of Crime by Numbers, discover how money mules such as Boliang Liu operate and the scams that lie behind the money laundering process.
Also, hear how the metaverse is transforming money laundering and making the detection process a lot trickier.
Stay tuned for episode two coming soon: The players and the crimes.
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INTHEBLACK https://www.cpaaustralia.com.au/tools-and-resources/podcasts/intheblack
INTHEBLACK Out Loud https://www.cpaaustralia.com.au/tools-and-resources/podcasts/intheblack-outloud
Excel Tips https://www.cpaaustralia.com.au/tools-and-resources/podcasts/excel-tips
Search for them in your podcast platform. Email the podcast team at podcasts@cpaaustralia.com.au
Chapters
00:00 Disclaimer
00:22 How much dirty money is in the Australian economy?
00:43 What is money laundering and why does it matter?
01:16 Inside the Laundry: episode overview
01:33 The history of money laundering from ancient China to Prohibition
01:57 Where did the term "money laundering" come from?
03:39 What does money laundering cost the global and Australian economy?
04:22 Which crimes generate the most laundered money in Australia?
04:43 AUSTRAC explained: who it regulates and why reforms are expanding
05:15 Brendan Thomas on dirty money in Australia
05:54 Is money laundering a victimless crime?
07:36 How fraud against government programs like the NDIS links to money laundering
09:17 How money laundering works: placement, layering and integration
10:24 Real case study: how $60 million moved through global bank accounts
12:25 Shell companies and money laundering red flags
13:45 Bank capture, major AML failures and billion-dollar fines
14:52 Operation Taipan: how Australian banks helped detect a laundering syndicate
16:07 Next episode: money mules, scams and the metaverse
Ireland