The Financial Planning Association (FPA) has asked the Australian Transaction Reports and Analysis Centre (AUSTRAC) to train financial advisers avoiding tax evasion and money laundering.
The FPA general manager of policy and government relations Dante De Gori said that the organisation is working on a submission paper under the review of the Anti-Money Laundering and Counter-Terrorism Financing Act (AML/CTF) 2006, reported Financial Standard.
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De Gori said that there is a need for education and training for advisers on tax evasion and this has to be done by AUSTRAC.
Additionally, FPA has asked for changes to improve efficiencies and remove duplications in accordance with the government’s deregulation program to reduce red tape in the administration.
De Gori said: "AUSTRAC was giving out lots of information to advisors right after the approval of the AML, but communication with the financial services industry has slowed down now.
De Gori added that people think about the AML as a tool to contain terrorism and money laundering, but it is more than that.
"Some of it, especially fighting against tax evasion, affects financial planners as well," he added.
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By GlobalData
