The Anti-Money Laundering (AML) and Counter Terrorism Financing (CTF) Act 2006 reforms and expands how the government monitors financial transactions for the purpose of deterring, preventing and detecting money laundering and terrorism financing.
Currently, the AML / CTF Act applies to the financial sector (including financial planners who make arrangements on behalf of their clients to invest in a financial product) as well as the gambling sector and bullion dealing.
The government wishes to extend the regulatory obligations of the Act to accounting and other professional services. While we do not yet know which accounting-specific transactions undertaken on behalf of clients will be subject to the Act, we do know that the major parties support the extension of the AML law to some of the services provided by accountants and lawyers.
CPA Australia is running a series of face-to-face forums to give members the opportunity to hear from, and give input to, the regulator, AUSTRAC.
Attend these free sessions around Australia (or obtain a DVD of the Melbourne session) to find out:
what AML is
why Australia is implementing AML
what specific services are currently covered within the Act
what obligations apply to businesses covered under the Act
The presentation will also touch on the obligations of financial planners under the Act.
