Anti-Money Laundering and Counter-Terrorism Financing Act review

The Australian Government is undertaking a statutory review of the Anti-money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF) which has coincided neatly with FATF’s mutual evaluation of Australia’s AML/CTF regime. 

The Government commenced the statutory review in December 2013. Public submissions closed on 28 March 2014. Since then, dedicated teams within the Attorney General’s office and AUSTRAC have been reviewing submissions and collating key issues raised.  These teams were due to have round table discussions with various industry sectors during the course of 2014. 

The Financial Action Task Force (FATF) is the global anti money laundering and counter-terrorism financing policy making body. FATF’s recommendations form the basis for all AML/CTF legislation around the world. FATF’s report on the mutual evaluation of Australian law is due out in the first quarter of 2015.

The findings of the FATF report will be taken into account in Treasury and the Attorney General’s review and will be reflected in any recommendations made to government.

This article is part of a series on Global Money Payment Services Privacy and Security Issues.