Homebuyers and vendors will be slugged an extra $1200 for every property sale as the federal government moves to close loopholes in Australia’s anti-money laundering laws, prompting warnings the change will exacerbate the country’s housing crisis.

Labor wants to expand anti-money laundering and terror financing laws to include lawyers, accountants and real estate agents. Businesses covered by the rules, which currently include casinos and bullion dealers, are required to report cash transactions exceeding $10,000 and conduct due diligence on customers before dealing with them.