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ARTICLE · 22 SEPTEMBER 2024

AML/CTF Amendment Bill: A significant development to combating financial crime

Holding Redlich
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Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024 (the Bill) was introduced into Parliament.

AustraliaCorporate/Commercial Law
Alana Giles
Alana Giles
Gemma Hannah
Gemma Hannah
Lachlan Ahale
Lachlan Ahale
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On 11 September 2024, the Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024 (the Bill) was introduced into Parliament, a significant development in Australia's approach to combating financial crime.

The Bill represents the long-awaited 'second tranche' of reforms to Australia's anti-money laundering/counter terrorism financing (AML/CTF) regime, which was initially established under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (the Act).

The Act established Australia's initial AML/CTF framework, targeting key sectors to combat financial crime. It covers financial institutions, gambling operators, bullion dealers and a subset of lawyers and accountants who provide financial services directly comparable to those offered by financial institutions.

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This publication does not deal with every important topic or change in law and is not intended to be relied upon as a substitute for legal or other advice that may be relevant to the reader's specific circumstances. If you have found this publication of interest and would like to know more or wish to obtain legal advice relevant to your circumstances please contact one of the named individuals listed.

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