Weak money laundering laws put Australia at risk of becoming a haven for Russian cash

Jackson says money laundering has real consequences for ordinary Australians.

It called for a new register of beneficial ownership to penetrate the jumble of companies and trusts used to prevent authorities from knowing who owns what.

Recent submissions from accountants and real estate agents to the inquiry indicate they are resigned to having to do some sort of reporting.

But lawyers have consistently maintained their blanket opposition, saying the rules regulating their profession are adequate.

There have been industry rumours that the home affairs minister, Karen Andrews, might rush to put legislation before parliament in the handful of sitting days available before the election that is due before 21 May, but government sources say that is unlikely because the changes required are complex and need proper industry consultation.

He says it would also hurt investment into Australia, which has long relied on streams of foreign capital.