AML/CTF Bill requires careful scrutiny
11 September 2024
All comments to be attributed to Law Council of Australia President, Mr Greg McIntyre SC
The Law Council welcomes the release of proposals to amend the AML/CTF regime.
The package of measures contained in the Bill introduced into Parliament today is complex and will need careful scrutiny to determine whether the proposals represent an appropriate, targeted and efficient response.
The Law Council supports measures to disrupt money laundering and the atrocious crimes connected with it, including risk-based and outcomes-based approaches to further strengthening the legal profession’s resilience.
However, careful scrutiny is also essential to ensuring the AML regime does not detract from the independent role of the legal profession in the administration of justice, or the centrality of trust and confidence to the client/practitioner relationship.
The legal profession is already the most extensively regulated profession in Australia, and dual regulation of legal services remains an ongoing issue for the legal profession, not least because increases in regulatory costs inevitably put upward pressure on the cost of legal services.
The proposals are estimated to cost affected businesses (including law practices) an additional $1.8 billion annually over the next 10 years in additional regulatory costs.
The Law Council is concerned about the impact increased regulatory costs will have on the viability of 93% of Australia’s law practices, which are very small 1-4 partner law firms, especially those located in and supporting regional and remote communities.
There is a careful balance to be struck and the Law Council looks forward to the Parliament referring this package of proposals to a committee inquiry, and making sure adequate time frames are afforded for this inquiry process
Contact: Kristen Connell, P. 0400 054 227, E. kristen.connell@lawcouncil.au
Last Updated on 17/09/2024
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