07 August 2012 6:47am

Australia’s anti-money laundering and counter-terrorism financing regime will be reviewed next year to bring it into line with new international standards.

The Financial Action Task Force, an inter-governmental body whose role is to set standards for combating money laundering and terrorist financing, issued a set of reform recommendations earlier this year and has called on member countries to review their AML/CTF regimes. Australia is a FATF member.

FATF's president, Bjorn Skogstad Aamo, was in Australia last month to meet senior staff from Austrac, the local AML/CTF...