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Senate passes anti-money laundering bills

Senators yesterday passed legislation aimed at tackling international crime and human trafficking.The Proceeds of Crime and Related Measures Amendment Act 2013 establishes an obligation to report suspicious of money laundering or terrorist financing, with money launderers having their assets confiscated if it is found they profited from the crime.And the Transnational Organised Crime Act 2013 creates the definition of a criminal organisation — and threatens a penalty of a $50,000 fine and five years imprisonment for those found to be involved in such a group.The legislation also lays sets out an “unlimited fine or imprisonment for 20 years” for anyone convicted on indictment of smuggling migrants.The victims of human smuggling will meanwhile be returned to their country of origin according to the act, with the caveat that none will be returned to a state where they were liable for persecution. Both pieces of legislation were passed unanimously.