Anti-Money Laundering Guide for Legal Practitioners
21 December 2009
The Federal Government is currently engaged in reforming Australia’s anti-money laundering and counterterrorism financing (AML/CTF) regime. The aim of the reforms is to bring Australia into compliance with the standards published by the Financial Action Task Force (FATF), an international inter-governmental body that develops and monitors policies to combat money laundering and terrorist financing.
The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) (the AML/CTF Act) represents Tranche One of the reforms and is aimed at the financial sector, the gambling sector and bullion dealers. The second tranche of reforms will focus on certain professions, including legal practitioners. Consultation on tranche two reforms is expected to resume in late 2009 or early 2010.