The Australian Government has taken steps to address concerns regarding potential criminal exploitation of the financial system. The aim is to prevent the facilitation of money laundering that fuels serious and organized crime activities.
The Attorney-General’s Department has announced the commencement of the second phase of consultation concerning proposed reforms to Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) framework.
These reforms are designed to enhance the effectiveness of Australia’s AML/CTF measures in deterring, detecting, and disrupting money laundering and terrorism financing activities. Additionally, they seek to align Australia’s standards with those established by the Financial Action Task Force (FATF), an international body focused on combating financial crimes.
Australia currently falls short of FATF requirements, particularly in regulating various entities such as lawyers, accountants, trust and company service providers, real estate agents, and dealers in precious metals and stones—referred to as tranche two entities.
The consultation papers released today outline comprehensive proposals for reform, encouraging input from all interested stakeholders.
These proposals have been developed in response to feedback received during the initial consultation phase, which included targeted discussions and submissions from stakeholders.
Furthermore, the Attorney-General’s Department plans to hold roundtable discussions with affected sectors to address sector-specific issues during this consultation period.
The consultation papers are accessible on the Attorney-General’s Department’s consultation hub, with submissions closing on June 13, 2024
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