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ARTICLE · 20 FEBRUARY 2007

AML Version 1.1: Upgrading The Rules And A Technical Amendments Bill

Minter Ellison
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On 14 February 2007, the Australian Transaction Reports and Analysis Centre (AUSTRAC) released a second consolidated draft of the Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) Rules (Rules).

AustraliaCorporate/Commercial Law
Richard Batten
Richard Batten
George Spiteri
George Spiteri

On 14 February 2007, the Australian Transaction Reports and Analysis Centre (AUSTRAC) released a second consolidated draft of the Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) Rules (Rules). It is anticipated that AUSTRAC will finalise and register those Rules by April, during which time it will consult with, and receive submissions from, industry on further refinements. Other draft Rules relating to ongoing due diligence and compliance reports to AUSTRAC are yet to be released.

Coinciding with the further release of draft Rules, the Government introduced a technical amendments Bill to amend the Act on 15 February 2007. The Bill addresses some of the technical issues raised by two Senate Inquiries late last year. The Bill does not address significant policy issues.

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