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ARTICLE · 18 JULY 2006

Anti-Money Laundering and Counter-Terrorism Financing: Draft Bill Released

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On Friday 16 December 2005, the Attorney-General’s Department released the much anticipated draft exposure Anti-Money Laundering and Counter-Terrorism Financing Bill. The bill paves the way for a new risk-based approach to anti-money laundering and counter-terrorism measures which will bring Australia into line with requirements already introduced in other jurisdictions.

AustraliaFinance and Banking

On Friday 16 December 2005, the Attorney-General’s Department released the much anticipated draft exposure Anti-Money Laundering and Counter-Terrorism Financing Bill. The bill paves the way for a new risk-based approach to anti-money laundering and counter-terrorism measures which will bring Australia into line with requirements already introduced in other jurisdictions.

The bill itself contains the principles behind the draft legislation, however, the specific requirements will be contained in the Anti-Money Laundering / Counter-Terrorist Financing (AML/CTF) Rules and Regulations. These AML/ CTF Rules will be developed by the Australian Transaction Reports and Analysis Centre (AUSTRAC) in consultation with industry participants and will be legally binding.

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