Australia | Publication | July 2021
On Wednesday 23 June 2021, the Australian Senate passed a Motion brought by Senator Deborah O’Neil to refer to the Senate Standing Committee on Legal and Constitutional Affairs for inquiry and report by 2 December 2021 matters relating to the adequacy and efficacy of Australia’s Anti-Money Laundering/Counter-Terrorism Financing (AML/CTF) regime (Inquiry).
The Inquiry, arguably brought about the by increasing regulatory enforcement actions initiated by the Australian Transaction Reports Analysis Centre (AUSTRAC), the surge of financial criminal activity during the COVID-19 pandemic and the ongoing concerns regarding the regulation of gatekeeper professions, will provide a unique opportunity for organisations to shape the future of Australia’s evolving financial crime regime.
This page will track and provide commentary on the progress of the Inquiry, including submissions due by 27 August 2021 and publication of the final report in December 2021.
Norton Rose Fulbright has a leading financial crime practice in Australia and across the Globe. If you have any queries or require support in engaging with this Inquiry, please contact Scott Atkins or Rajaee Rouhani.
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On 9 and 10 November 2021, the Legal and Constitutional Affairs References Committee (Committee) held public hearings and private briefings as part of its Inquiry into the adequacy and efficacy of Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) regime.
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