Today the Attorney-General announced public consultation on proposed reforms to Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) regime.
The proposed reforms include extending the existing AML/CTF legislation to capture additional ‘tranche-two’ high risk entities including lawyers, accountants, trust and company service providers, real estate agents and dealers in precious metals and stones.
The reforms also aim to:
- modernise and clarify the regime in line with international standards and best practice
- reduce complexity and regulatory burden on industry
- ensure the regime remains fit for purpose, and
- harden Australian businesses and sectors against exploitation by serious organised criminals.
It is important that any reforms be informed by valuable insights provided by you into the operation and application of the regime. Your insights will be critical in helping to shape these reforms, and ensuring our AML/CTF regime continues to protect Australia’s financial system. The reforms will also consider the findings of the Financial Action Task Force’s mutual evaluation of Australia, and the Statutory Review of the AML/CTF Framework.
The Attorney-General’s Department (AGD) has released the first of two consultation papers on Modernising Australia’s anti-money laundering and counter-terrorism financing regime.
You are invited to make a submission to the AGD in response to the consultation paper, by 16 June 2023.
Feedback received during this consultation will be used to inform subsequent drafting of the reforms over the course of the year. The second paper will be released for consultation later in 2023.
