Law Council of Australia

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Inquiry into the Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024

The Law Council of Australia and its constituent bodies support efforts to combat money-laundering and the financing of terrorism. The Law Council support measures that enhance the integrity of the legal profession, including strengthening the understanding of the profession about perceived or actual vulnerabilities relating to financial crime, and strengthening legal practitioners’ risk-based assessment of legal services.

The Law Council raises a number of concerns in this Submission and does not support the application of several measures in the Bill to legal practitioners. A list of our recommendations follows this summary.

The Bill is lengthy and complex, substantially amending legislation which already fits this description. The Bill was presented without an exposure draft and with a limited timeframe in which to analyse its impact on affected persons. It contains proposals that were not foreshadowed in the May 2024 consultation papers, including the precise definitions of ‘Designated Services’ (which are the centrepiece of the Bill so far as legal practitioners are concerned) and the compulsory notice and examination powers (which are particularly problematic for legal practitioners and require further examination more generally).

In the time available, it has not been possible to make a full assessment of the impact of the Bill. It is likely that matters will arise that have not been contemplated at this point. Nevertheless, the Law Council makes this Submission to facilitate ongoing constructive dialogue.

Read the full submission below.

Last Updated on 29/10/2024

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