In December 2003 the Federal Government announced a review of Australias anti-money laundering (AML) and counter-terrorism financing (CTF) systems as part of the implementation of international standards issued by the Financial Action Taskforce on Money Laundering (FATF).
Following consultations with stakeholders in Australias AML / CTF system, the Government announced that it would proceed with a package of reforms to strengthen Australias AML / CTF system.
A number of improvements have now been proposed following the release of the exposure Anti-Money Laundering and Counter-Terrorism Financing Bill, developed by the FATF.
The exposure draft bill addresses key issues raised in an FATF evaluation report on Australia, agreeing to implement recommendations in two tranches. The first tranche of reforms covers a range of services by the financial services sector, gambling service providers and bullion dealers.
The Government will then consider a second tranche to extend AML / CTF obligations to real estate agents, jewellers and professionals, such as accountants and lawyers, when they provide specified non-financial services.
