The Commonwealth government has introduced the Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2017 [CTH] (‘the Bill’) earlier this month (17 August 2017), and the Bill has been referred to the Legal and Constitutional Affairs Legislation Committee.
The Bill proposes to amend the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 [CTH] and the Financial Transaction Reports Act 1988 [CTH], and is based on the recommendations of the Report on the Statutory Review of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 and Associated Rules and Regulations (). The key aims of the Bill are:
The Bill also seeks to improve the function of the Australian Transactions Reports and Analysis Centre (AUSTRAC) as a regulator by:
The Attorney-General’s office released aon 17 August 2017. In the media release, the Hon Michael Keenan MP, Minister for Justice stated:
The new Bill will be addressing issues of the sort currently being faced by AUSTRAC in relation to the Commonwealth Bank of Australia’s (‘CBA’) recent money laundering scandal. An AUSTRAC investigation into CBA’S intelligent deposit machines (IDMs) between November 2012 and September 2015 revealed that CBA failed to comply with the law relating to disclosure of deposits over a certain amount. , alleging that money laundering occurred through using IDMs, followed immediately by domestic and international transfers. They also further allege that CBA did not take any steps to assess the risks of money laundering or terrorism financing via the IDMs, and almost 8.9 billion was deposited before a risk assessment took place. AUSTRAC’s acting chief executive :
, and executive board member Konrad de Kerloy said that lawyers were already heavily regulated and new anti-money laundering laws would fall on professionals in rural and regional Australia. but highlighted the need for extra training for real estate agents regarding the new laws.
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Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2017 [CTH] and other associated materials, as published on TimeBase LawOne.
Minister for Justice, ‘,’ (media release), 17 August 2017.
Sue Lannin, ‘,’ (ABC News), 13 July 2017.
, tabled in Parliament on 29 April 2016
Peter Ryan, ‘,’ (ABC News), 3 August 2017.
Peter Ryan, ',' (ABC News) 18 August 2017.
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