The head of Australia’s financial crime watchdog says key overseas allies are welcoming moves to close gaps in anti-money laundering and terror financing rules, conceding criminals have been able to exploit ineffective laws for too long.

Days after parliament passed new laws to add real estate agents, lawyers and accountants to the dirty money protection regime, AUSTRAC chief executive Brendan Thomas said he was determined to crack down on more than $60 billion in harm caused by drug trafficking, scams, child exploitation and human trafficking.