The Minister for Justice and Customs, Senator the Hon Chris Ellison, has released an exposure Draft Anti-Money Laundering and and counter-terrorism financing Bill and sample AML/CTF Rules.
The exposure Bill and AML/CTF Rules will be the subject of public consultation until Thursday 13 April 2006.
The exposure Bill deals with money laundering and terrorism financing risks
specific to a number of industry sectors. The general
principles underpinning the proposed AML/CTF system are set out in
legislation, supplemented by legally-binding AML/CTF Rules, and
non-binding Guidelines.
AML/CTF Rules, being developed by the Australian Transaction Reports
and Analysis Centre (AUSTRAC) in consultation with industry, will set
out specific requirements on matters such as identity verification,
ongoing due diligence, reporting of suspicious matters, and the
development of AML/CTF Programs.
The proposed AML/CTF reforms would impact on the operations of
the following industry sectors:
- Accountants and financial planners
- Banks, building societies and credit unions
- Bullion dealers
- Bureaux de change
- Casinos
- Gambling service providers
- Insurance sector
- Remittance service providers
- Legal practitioners
- Securities and derivatives dealers
