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ARTICLE · 10 APRIL 2022

Money laundering reform recommendations for gatekeeper professions

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On 30 March 2022, this Senate Committee report focused on the adequacy and efficacy of Australia's AML/CTF regime.

AustraliaGovernment, Public Sector
Anna Ross
Anna Ross
Tegan Harrington
Tegan Harrington
David Yates
David Yates
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On 30 March 2022, the Federal Senate Legal and Constitutional Affairs References Committee (Committee) released its report regarding the adequacy and efficacy of Australia's anti-money laundering and counter terrorism financing (AML/CTF) regime.

The Committee's report focused on the implementation of an AML/CTF regime applicable to designated non-financial businesses and professions (DNFBPs) (often described as 'Tranche 2' reform). The Committee was highly critical of Australia's failure to implement Tranche 2 reforms, emphasising that the Commonwealth Government must turn its attention to how to implement such reforms, rather than if.

Background to the inquiry

Australia's AML/CTF regime is underpinned by a number of legislative instruments, including the Anti-Money Laundering and Counter-Terrorism Financing Act 2006, the Anti-Money Laundering and Counter Terrorism Financing Rules Instrument 2007 (No 1), the Anti-Money Laundering and Counter Terrorism

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