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 regulator. Aamo outlined the reform program that Austrac will have to undertake.Aamo said: "Like other countries, Australia will face challenges in maintaining its regime and adapting it as needed to meet new and emerging threats."New payment methods, such as prepaid cards, mobile payment services and internet payment services, pose a particular challenge for AML/CTF regulation. These products evolve very quickly and many entities are often involved in their delivery - some of which are outside the scope of traditional AML/CTF regulation."Aamo said FATF's new standards had been expanded to include tax crimes as money laundering offences."This will provide a better foundation for international co-operation against tax crime and tax evasion," he said.AML/CTF regulation will have to cover domestic politically exposed persons, as well as foreign PEPs.The new standards include measures to improve the transparency of corporate vehicles and trusts, and to make it harder for criminals to conceal their identities or hide their assets behind legal arrangements.There will also be an enhanced level of international co-operation, including more exchange of information between authorities and the conducting of joint investigations.