Anti-Money Laundering And Counter-Terrorism Financing Reforms Introduced

The anti-money laundering and counter-terrorism financing reforms were introduced into parliament today.

The reforms consist of:

• the Anti-Money Laundering and Counter-Terrorism Financing Bill 2006 (Bill), and

• the Anti-Money Laundering and Counter-Terrorism Financing (Transitional Provisions and Consequential Amendments) Bill 2006 (Consequential Bill).

The Bill aims to bring Australia into line with international best practice to deter money laundering and terrorism financing (see Explanatory Memorandum).

Certain parts of the Bill will become effective on the date of royal assent which is expected to be 1 January 2007. Other parts are implemented at periods of six, 12 and 24 months after the date of royal assent. In the Explanatory Memorandum to the Bill, the staggered implementation of each part of the Bill is said ‘to reflect the complexity of, and resources required for, each part of the Bill’.