The Commonwealth Legal professional-Normal’s Division (Division) has right this moment (2 Could) launched the Second Consultation Paper (Session) on the implementation of proposed reforms to carry Australia’s anti-money laundering and counter-terrorism financing legal guidelines consistent with requirements beneficial by the Monetary Motion Process Power (FATF). These would be the most vital reforms to the AML/CTF Act since its introduction.
Constructing on the First Session Paper launched in April 2023, these reforms have probably far-reaching implications for “Tranche 2 entities” together with:
- actual property professionals,
- skilled service suppliers reminiscent of attorneys and accountants, and
- sellers in treasured metals and stones,
who can be required to take a extra energetic function in deterring cash laundering and terrorist financing. Suggestions on the First Session launched by the Division is out there here.
The Session launched right this moment units out lengthy awaited proposed modifications to the Anti-Cash Laundering and Counter-Terrorism Financing (AML/CTF) regime, which is more likely to lead to a brand new invoice launched to Parliament this yr to amend the Anti-Cash Laundering and Counter-Terrorism Financing Act 2006 (Cth) (AML/CTF Act).
The Session contains 5 particular papers, particularly:
Papers 1-3 cope with the proposed new reporting entities. Papers 4 and 5 cope with proposed modifications that may impression new and present reporting entities.
The Division’s purpose in amending Australia’s AML/CTF regime is to make sure it continues to successfully deter, detect and disrupt cash laundering and terrorism financing, and meet worldwide requirements set by the FATF. The Second Session paper states that the reforms purpose to considerably enhance Australia’s skill to focus on illicit financing.
Engagement with the Session presents an vital alternative to contribute to the proposed scope and modifications to the AML/CTF Act. Submissions on the proposals raised within the Session paper shut on 13 June 2024.
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