INTHEBLACK

HECS transformed access to higher education in Australia and became one of the country's most influential public policy innovations. 

But nearly four decades on, rising student debt, indexation concerns and changing graduate outcomes are raising fresh questions about whether the system still works as intended. 

This episode examines the origins of the Higher Education Contribution Scheme (HECS), and how its income-contingent loan model influenced education funding around the world. 

It also explores the challenges facing the system today and the policy choices that could shape its future. 

Key points covered:  

Why HECS was introduced and the problem it was designed to solve 


How income-contingent loans changed access to university 


How much today's HECS has changed from its original design 


Assessing the Job-ready Graduates program in 2020 


Whether rising student debt is undermining the original policy goals 



The impact of indexation and changing fee structures 


Potential reforms and what they could mean for students and taxpayers 


Tune in now. 

Host: Tahn Sharpe, editor, CPA Australia 

Guest: Bruce Chapman, architect of HECS and emeritus professor of Economics at ANU. 

You can learn more about Bruce Chapman at his website.  

Loving this episode? 

Listen to more INTHEBLACK episodes and other CPA Australia podcasts on YouTube. Head to our podcast page CPA Australia - YouTube 

And of course, click subscribe to the channel today. 

We deliver regular content that will help boost your career skills and capabilities. 

Additionally, INTHEBLACK online has stories on a variety of accounting, finance and business topics. 

CPA Australia publishes four podcasts, providing commentary and thought leadership across business, finance, and accounting https://www.cpaaustralia.com.au/tools-and-resources/podcasts 


INTHEBLACK https://www.cpaaustralia.com.au/tools-and-resources/podcasts/intheblack 

INTHEBLACK Out Loud https://www.cpaaustralia.com.au/tools-and-resources/podcasts/intheblack-outloud 

Excel Tips Excel Tips | CPA Australia 

With Interest https://www.cpaaustralia.com.au/tools-and-resources/podcasts/with-interest 

Search for them in your podcast platform. Email the podcast team at podcasts@cpaaustralia.com.au

This publication provides general information only and is not legal or professional advice. CPA Australia gives no warranties as to its accuracy, completeness or suitability and disclaims all liability for reliance on it. Listeners should seek their own independent advice for their circumstances.

What does Australia's biggest AML (anti-money laundering) reform in years mean for accountants, lawyers, advisers and business owners? 

This episode breaks down the tranche 2 anti-money laundering reforms, the growing role of AUSTRAC, and why professional service firms are becoming critical gatekeepers in the fight against financial crime. 

The discussion explores how money laundering really works, why criminals target trusted advisers, and the practical steps businesses need to take to prepare for new compliance obligations. 

Main learnings: 

Why Australia is expanding AML reporting obligations 


How accountants and lawyers help identify suspicious activity 


What suspicious matter reporting involves in practice 


Why knowing your customer is central to AML compliance 


The role of AUSTRAC as regulator and intelligence agency 


Common red flags linked to financial crime and tax evasion 


How smaller businesses can approach AML compliance practically 


This episode offers practical guidance for accounting, finance and advisory professionals navigating Australia's evolving AML landscape. 

Listen now. 

Host:  Jacqueline Blondell, editor, CPA Australia 

Experts: 

Brendan Thomas, AUSTRAC CEO 



Geoff Peck, a former fraud squad detective with Victoria Police's major Fraud Group, and managing director Forensic & Integrity Solutions


Amanda Wood, managing director, Kroll's Investigations, Diligence and Compliance Practice 


For more, head to the Australian Institute of Criminology website. 
Need help with your AML/CTF obligations? AUSTRAC and CPA Australia have a host of resources.

AUSTRAC's guidance for small business is another useful resource. 

And head to the Crime By Numbers homepage to catch up on earlier eps in this second series as well as series 1.  

Loving this episode? 

Listen to more INTHEBLACK episodes and other CPA Australia podcasts on YouTube. https://www.youtube.com/@CPAaustralia/podcasts 

And don't forget to click subscribe to the channel for a wide range of content that will help your career. 

CPA Australia publishes four podcasts, providing commentary and thought leadership across business, finance and accounting: 

With Interest https://www.cpaaustralia.com.au/tools-and-resources/podcasts/with-interest  

INTHEBLACK https://www.cpaaustralia.com.au/tools-and-resources/podcasts/intheblack 


INTHEBLACK Out Loud https://www.cpaaustralia.com.au/tools-and-resources/podcasts/intheblack-outloud 

Excel Tips https://www.cpaaustralia.com.au/tools-and-resources/podcasts/excel-tips  

Search for them in your podcast platform. Email the podcast team at podcasts@cpaaustralia.com.au
Chapters:
00:00 Disclaimer
00:21 The social purpose of anti-money laundering
00:45 Introduction to Crime By Numbers Episode 3 
01:28 AUSTRAC's role in Australia's AML/CTF regime
02:44 History of money laundering laws and Tranche 2 reforms
03:22 Why Australia is catching up with global AML standards
04:20 Why accountants and lawyers see risks banks can't
05:23 Core obligations for new AML gatekeepers: KYC and reporting
07:05 Comparing Tranche 1 and Tranche 2 compliance challenges
08:15 Embedding AML compliance into professional practices
09:37 Knowing your customer and hidden criminal risk
11:03 Business benefits of stronger AML processes
11:37 Common misconceptions about money laundering and cash
12:39 AUSTRAC guidance, starter kits, and industry support
14:29 Enforcement approach, penalties, and expectations
15:13 The real victims behind money laundering crimes
16:32 Resources for new gatekeepers and closing remarks

This publication provides general information only and is not legal or professional advice. CPA Australia gives no warranties as to its accuracy, completeness or suitability and disclaims all liability for reliance on it. Listeners should seek their own independent advice for their circumstances. 
Ever wondered how criminal money moves through today's financial systems? 

The answer is more complex today than ever before. 

This episode explores the networks, tactics and technologies reshaping money laundering across the world. 

From romance scams and money mules to crypto and the metaverse, gain practical insight into how organised crime adapts to digital finance and global markets. 

You will learn: 

How money mules are recruited and used in laundering operations 


Why romance scams are still one of the fastest-growing financial crimes 


How hawala dealers move money across borders without physical transfers 


The role of jewellery, food, real estate and sport in laundering activity 


Why cryptocurrency is creating new compliance and detection challenges 


How criminals are exploiting virtual worlds and the metaverse 


Listen now.  

Host: Jacqueline Blondell, editor, CPA Australia 

Experts: 

Kris Wilson, from the Australian Federal Police's Joint Policing Cyber Crime Coordination Centre 


Brendan Thomas, AUSTRAC CEO 


Dr Milind Tiwari, senior lecturer the Australian Graduate School of Policing and Security at Charles Sturt University in Canberra 


Geoff Peck, a former fraud squad detective with Victoria Police's major Fraud Group, and managing director Forensic & Integrity Solutions


For more, head to the Australian Institute of Criminology website. 
Need help with your AML/CTF obligations? AUSTRAC and CPA Australia have a host of resources.


Stay tuned for episode three coming soon where we look at the new gatekeepers being recruited to join the fight against money laundering. 

Loving this episode? 

Listen to more INTHEBLACK episodes and other CPA Australia podcasts on YouTube. https://www.youtube.com/@CPAaustralia/podcasts 

And don't forget to click subscribe to the channel for a wide range of content that will help your career. 

CPA Australia publishes four podcasts, providing commentary and thought leadership across business, finance and accounting: 

With Interest https://www.cpaaustralia.com.au/tools-and-resources/podcasts/with-interest 

INTHEBLACK https://www.cpaaustralia.com.au/tools-and-resources/podcasts/intheblack 

INTHEBLACK Out Loud https://www.cpaaustralia.com.au/tools-and-resources/podcasts/intheblack-outloud 

Excel Tips https://www.cpaaustralia.com.au/tools-and-resources/podcasts/excel-tips 

Search for them in your podcast platform. Email the podcast team at podcasts@cpaaustralia.com.au 

Chapters:
00:00 Disclaimer
00:20 Could the metaverse and crypto become the next money laundering frontier?
00:43 Welcome to Crime by Numbers Episode 2
01:18 How do fake businesses, cash and invoices help launder money?
02:23 Why are accountants, lawyers, and gold dealers money laundering gatekeepers?
03:36 What is Hawala, and how does it move money without crossing borders?
05:22 How is soccer used for money laundering?
05:53 Why is the food industry vulnerable to money laundering and food fraud?
08:31 What crimes most commonly drive money laundering in Australia?
10:03 What is a money mule, and how are people recruited?
13:34 Why are crypto ATMs a growing money laundering risk?
14:40 Why does cryptocurrency make money laundering harder to detect?
15:26 How could the metaverse enable money laundering in the future?
16:54 What's next: who are the new gatekeepers fighting money laundering?

This publication provides general information only and is not legal or professional advice. CPA Australia gives no warranties as to its accuracy, completeness or suitability and disclaims all liability for reliance on it. Listeners should seek their own independent advice for their circumstances. 
Money laundering. 

It's a business that's rife worldwide, with billions of dollars illegally laundered each year. 

In Australia it's estimated that money laundering costs the economy A$60 billion a year. 

In 2026, money laundering is under the microscope because Australia's Anti-Money Laundering and Counter Terrorism Regime is being expanded. 

New gatekeepers are being added to the mix to fight against this crime, including accountants, lawyers, real estate agents and dealers in precious metals and gems. 

In this second series of Crime by Numbers, delve into the murky depths of the world's laundromat. 

Episode one goes inside the laundry and explores why money laundering is so harmful, the far-reaching costs to individuals and economies and what we can do to clean it up. 

Listen now. 

Host:  Jacqueline Blondell, editor, CPA Australia 

Experts: 

Geoff Peck, a former fraud squad detective with Victoria Police's major Fraud Group, and managing director, Forensic & Integrity Solutions


Brendan Thomas, AUSTRAC CEO 


Amanda Wood, managing director, Kroll's Investigations, Diligence and Compliance Practice 


Dr Milind Tiwari, senior lecturer the Australian Graduate School of Policing and Security at Charles Sturt University in Canberra 


Kris Wilson, team leader, Cybercrime Investigations at Australian Federal Police 


For more, head to the Australian Institute of Criminology website.
Need help with your AML/CTF obligations? AUSTRAC and CPA Australia have a host of resources.

In the next episode of Crime by Numbers, discover how money mules such as Boliang Liu operate and the scams that lie behind the money laundering process. 

Also, hear how the metaverse is transforming money laundering and making the detection process a lot trickier. 

Stay tuned for episode two coming soon: The players and the crimes. 

Loving this episode? 

Listen to more INTHEBLACK episodes and other CPA Australia podcasts on YouTube. https://www.youtube.com/@CPAaustralia/podcasts 

And don't forget to click subscribe to the channel for a wide range of content that will help your career. 


CPA Australia publishes four podcasts, providing commentary and thought leadership across business, finance and accounting: 

With Interest https://www.cpaaustralia.com.au/tools-and-resources/podcasts/with-interest 

INTHEBLACK https://www.cpaaustralia.com.au/tools-and-resources/podcasts/intheblack 

INTHEBLACK Out Loud https://www.cpaaustralia.com.au/tools-and-resources/podcasts/intheblack-outloud 

Excel Tips https://www.cpaaustralia.com.au/tools-and-resources/podcasts/excel-tips 

Search for them in your podcast platform. Email the podcast team at podcasts@cpaaustralia.com.au 
Chapters
00:00 Disclaimer
00:22 How much dirty money is in the Australian economy?
00:43 What is money laundering and why does it matter?
01:16 Inside the Laundry: episode overview
01:33 The history of money laundering from ancient China to Prohibition
01:57 Where did the term "money laundering" come from?
03:39 What does money laundering cost the global and Australian economy?
04:22 Which crimes generate the most laundered money in Australia?
04:43 AUSTRAC explained: who it regulates and why reforms are expanding
05:15 Brendan Thomas on dirty money in Australia
05:54 Is money laundering a victimless crime?
07:36 How fraud against government programs like the NDIS links to money laundering
09:17 How money laundering works: placement, layering and integration
10:24 Real case study: how $60 million moved through global bank accounts
12:25 Shell companies and money laundering red flags
13:45 Bank capture, major AML failures and billion-dollar fines
14:52 Operation Taipan: how Australian banks helped detect a laundering syndicate
16:07 Next episode: money mules, scams and the metaverse

As accountants, conflicts of interest can arise. Some say they are unavoidable. 

But knowing how to manage them is crucial. 

This episode explores how such conflicts arise – from client relationships to commercial pressures – and why managing them is critical to upholding trust in the profession. 

You will learn: 

why conflicts of interest are increasing in today's business environment 


the most common conflict of interest scenarios facing accountants and advisers 


when disclosure is not enough and stronger action is needed 


how to distinguish between manageable and unacceptable conflicts 


practical frameworks to identify and assess conflicts in real time 


the role of professional judgement and organisational culture 


Drawing on the current codes of ethics and the everyday ethics issues discussed in INTHEBLACK, this expert-led discussion focuses on practical decision-making in situations that are rarely clear cut. 

This episode will help you respond with confidence and integrity. 

 Tune in now. 

Host: Tahn Sharpe, Editor, CPA Australia 

Guests: Dr Michelle Cull FCPA, Associate Professor and Head of Discipline, Accounting and Financial Planning at Western Sydney University, and Belinda Zohrab, Regulation and Professional Standards Lead, CPA Australia 

Loving this episode? 


Listen to more INTHEBLACK episodes and other CPA Australia podcasts on YouTube. Head to our podcast page CPA Australia - YouTube 

And of course, click subscribe to the channel today. 

We deliver regular content that will help boost your career skills and capabilities. 

Additionally, INTHEBLACK online has stories on everyday ethics issues. 

CPA Australia publishes four podcasts, providing commentary and thought leadership across business, finance, and accounting https://www.cpaaustralia.com.au/tools-and-resources/podcasts 

INTHEBLACK https://www.cpaaustralia.com.au/tools-and-resources/podcasts/intheblack 

INTHEBLACK Out Loud https://www.cpaaustralia.com.au/tools-and-resources/podcasts/intheblack-outloud 

Excel Tips Excel Tips | CPA Australia 

With Interest https://www.cpaaustralia.com.au/tools-and-resources/podcasts/with-interest 

Search for them in your podcast platform. Email the podcast team at podcasts@cpaaustralia.com.au