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Podcast: Eveline Estephan talks about Financial Crime

October 9, 2018

 

Recently, the GRC Professional caught up with Eveline Estephan, who is a sanctions support officer and student at the Australian Graduate School of Policing and Security at Charles Stuart University as well as a regular contributor to the GRC Professional Magazine to talk about some of the changes that she is seeing on the horizon.

 

Estephan placed particular emphasis on the incoming legislation concerning anti-bribery & corruption (ABC) and modern slavery. 

 

The the GRC Professional's conversation with Estephan on financial crime compliance  is timely since tranche 2 is in the media again.

Tranche 2?

Peter Durkin of the Australian Financial Review writes:

 

Real estate agents, lawyers and accountants have won a reprieve from tough new anti-money laundering measures with the federal government delaying a planned crackdown on the professions.

 

Nathan Lynch, Regional Bureau Chief of the the Asia-Pacific for Thomson Reuters posted

 

"Fairfax gun Patrick Durkin reports on "Tranche Too Hard" in The Australian Financial Review today. "New Zealand took evasive action last year to close down these loopholes. They've now regulated lawyers and accountants. Real estate agents will come on board by the end of the year. They went from lagging well behind Australia to leading the way. "The unregulated nature of Australian real estate has made it extremely attractive to park criminal funds." Does Australia need a hashtag#TrancheToo movement?"
 

Durkin writes that instead of implementing the promised Tranche 2 in accordance with the Financial Action Taskforce (FATF) recommendations, they will be implementing what is described as 'Tranche 1..5'. 

 

This is a space that GRC professionals need to watch.

 

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Eveline Estephan

a sanctions support officer and student at the

Australian Graduate School of Policing and Security at CSU

 

 

 

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