The Attorney-General’s
Department has released draft provisions setting out expanded designated services
which will be covered by the second tranche of the AML/CTF legislation.

Sectors which will be affected by the second tranche legislation are:

• real estate agents in relation to buying and selling of real estate
• dealers in precious metals and stones engaged in transactions above a designated threshold
• lawyers, notaries, other independent legal professionals and
  accountants when preparing for or carrying out certain transactions
• trust and company service providers when they prepare for or
  carry out for a client the transactions listed in the Glossary to the
  FATF Recommendations.

These service providers would be subject to the same obligations as the existing service providers eg customer identification and AML/CTF Compliance program.

The draft provisions are open for public comment by 7 September 2007.