Australia’s real estate industry is concerned about the readiness of agents, as well as the looming extra costs, of new reforms to stamp out money laundering when they come into force in a year’s time.

The reforms coming into force next July tighten anti-money laundering legislation for the first time since 2006 and require some 90,000 businesses in real estate, law, accountancy and precious stone-dealing to register with federal government agency Austrac by March.