![Technology-cyber-Abstract-AdobeStock_709257014](https://www.nortonrosefulbright.com/-/media/images/nrf/hero/technology-cyber-abstract-adobestock_709257014.jpg?h=180&iar=0&w=320&revision=,4611686018427387904&hash=F53C5DFDC6FE4CDB2A7166E79011B286)
Publication
Second Consultation Released into Simplifying and Modernising the AML/CTF Regime
The Commonwealth Attorney-General’s Department (Department) has today released the Second Consultation Paper (Consultation).
Australia | Publication | mai 2024
The Commonwealth Attorney-General’s Department has initiated the implementation of proposed reforms of Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) regime to bring Australia's anti-money laundering laws in line with standards recommended by the Financial Action Task Force. These reforms have far-reaching implications for real estate and accounting professionals, as well as lawyers, who will be required to take a more active role in deterring money laundering and terrorist financing.
The reforms are likely to require accountants, real estate agents and other professionals to implement risk management programs and to conduct due diligence on clients. This will include verifying the identity of clients, assessing the risk of money laundering or terrorist financing, and monitoring transactions for suspicious activity. Failure to comply with these requirements may result in significant civil penalties.
The reforms also aim to:
On 2 May 2024, the Commonwealth Attorney-General's Department released the Second Consultation Paper (Consultation) on the implementation of proposed reforms to bring Australia's anti-money laundering and counter-terrorism financing laws in line with standards recommended by the Financial Action Task Force. These will be the most significant reforms to the AML/CTF Act since its introduction.
The Consultation includes five specific papers, namely:
Papers 1-3 deal with the proposed new reporting entities. Papers 4 and 5 deal with proposed changes that will impact new and existing reporting entities.
Engagement with the Consultation presents an important opportunity to contribute to the proposed scope and changes to the AML/CTF Act. Submissions on the proposals raised in the Consultation paper close on 13 June 2024.
You can subscribe for more updates on Tranche 2 from our risk advisory team here.
FATF Guidance
Background Information
Second Consultation
Publication
The Commonwealth Attorney-General’s Department (Department) has today released the Second Consultation Paper (Consultation).
Publication
On 20 April 2023, the Attorney General’s Department (the Department) announced that it would commence a public consultation (the Consultation) on proposed reforms to Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) regime under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) (the Act).
Publication
On 20 April 2023 the Commonwealth Attorney-General's Department released the first of two consultation papers to reform Australia's anti-money laundering and counter-terrorism financing (AML/CTF) regime (Consultation Paper).
Publication
A report released earlier this year by the Financial Action Task Force (FATF) has encouraged debate about whether further regulation of the art and antiquities industry is required.
Publication
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.
Publication
The Senate Legal and Constitutional Affairs References Committee (Committee) has released its highly anticipated report on the findings of its inquiry into the adequacy and efficacy of Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) regime (Senate Inquiry).
Publication
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.
Publication
The inquiry into the adequacy and efficacy of Australia’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) regime (Inquiry) continues to provide thought-provoking and industry-centric feedback as to how current and future reporting entities envisage compliance with AML/CTF laws in Australia.
Publication
On 15 August 2021, the Senate Standing Committee on Legal and Constitutional Affairs (Committee) published a discussion paper (Guide) to guide submissions to the AML/CTF Parliamentary Inquiry (Inquiry).
Publication
Cross-border acquisitions and investments increasingly trigger foreign direct investment (FDI) screening requirements.
Publication
Artificial intelligence (AI) raises many intellectual property (IP) issues.
Publication
We are delighted to announce that Al Hounsell, Director of Strategic Innovation & Legal Design based in our Toronto office, has been named 'Innovative Leader of the Year' at the International Legal Technology Association (ILTA) Awards.
Subscribe and stay up to date with the latest legal news, information and events . . .
© Norton Rose Fulbright LLP 2023