The Albanese government has stepped up its crackdown on the potential for dirty money being used to buy homes, committing to laws that expand reporting obligations to real estate agents, lawyers and accountants amid concerns Australia could become a money laundering haven for criminals in Asia.

The expanded dirty money laws are still in consultation, but the federal government’s $166 million budget commitment to fight money laundering that was announced on Monday meant the laws would be drafted before the next election, The Australian Financial Review understands.