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Government Investigations in Singapore 2025
We have contributed the Singapore chapter of Getting the Deal Through, Government Investigations 2025.
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Australia | Publication | April 2023
The Commonwealth Attorney-General’s Department has opened a consultation process for the Tranche 2 reforms, expanding those industries and organisations regulated under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Act). This is dealt with in Part 2 of the consultation.
Organisations captured under the reforms will need to assess the legal and regulatory impact on their current operations and should engage in the consultation with Government. Proactive engagement with the consultation will be critical for organisations in shaping the implementation of Tranche 2 and the timing of when compliance obligations will commence.
Additionally, the consultation considers a number of points to simplify and modernise the operation of the existing regime. This is dealt with in Part 1 of the consultation.
This consultation follows the March 2022 Senate Legal and Constitutional Affairs Committee report on the findings of its Inquiry into the adequacy and efficacy of Australia’s anti-money laundering and counter-terrorism financing regime (Senate Inquiry). As the primary focus of the Senate Inquiry was the Tranche 2 reforms to Australia’s AML/CTF regime, this consultation sets the stage for the Government’s response to the Senate Inquiry by specifically asking submitters to engage on:
These proposed reforms are particularly important as Australia remains one of the few countries in the Financial Action Task Force (FATF) Global Network (out of nearly 200 members) that has not regulated, or committed to regulating these sectors within its AML/CTF regime. The Attorney-General’s Department website in announcing the consultation states: “Out of more than 200 jurisdictions, Australia is now one of only 5 jurisdictions in the FATF Global Network, alongside China, Haiti, Madagascar and the United States, that do not regulate tranche-two entities.”
This consultation appears to be in anticipation of the forthcoming 2026 review of Australia’s AML/CTF regime by the FATF, known as a ‘Mutual Evaluation’. A Mutual Evaluation will, amongst other things, assess whether Australia has legislated Tranche 2, and if such regulation is effective to combat money laundering and terrorism financing and other serious crimes.
Real estate agents, lawyers and accountants and other sectors subject to the reforms need to consider:
With no draft legislation currently provided, it is has been reported in the consultation that there will be a further round of consultation prior to the introduction of any reforms to Parliament. This provides an opportunity to engage with Government on the legislation, including a staged implementation of the reforms and a longer ‘assisted compliance’ period, which would enable sufficient time for newly reporting entities to meet their compliance obligations.
As the consultation progresses our expert Risk Advisory Team will provide updates on our dedicated Tranche 2 consultation page here. Our Team are able to assist should you need any assistance in responding to or understanding the implications of the consultation.
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We have contributed the Singapore chapter of Getting the Deal Through, Government Investigations 2025.
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