Luijerink & Maguire (2013), Australia's money laundering laws are among the world's toughest, particularly with regards to reporting requirements. Regulated entities are required to report all international electronic funds transfers, regardless of size (Luijerink & Maguire, 2013). Recent anti-money laundering legislation like the Anti-Money Laundering and Counter Terrorism Financing Act of 2006 have been severely criticized for their contradictory ability to glean more information but result in minimal increases in prosecutions due to the strict interpretation of the electronic funds transfer clause. Increased reporting of the electronic funds transfers offers "more information to inform investigations, but conversely require additional resources to process and analyse the information," (Luijerink & Maguire, 2013). Australia's laws are tougher than many other comparable nations due to the electronic funds transfer clause, and also to strict penalties -- prison sentences of over twenty years and fines in the millions. In spite of these provisions, other jurisdictions...
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