On 28 November 2006, the Senate’s Standing Committee on Legal and Constitutional Affairs released its report on the Anti-Money Laundering and Counter-Terrorism Financing Bill (Bill).
The report makes 14 recommendations, with the final recommendation being that the Bill be passed, on the basis that the other 13 recommendations be addressed. Other recommendations made include:
- Commencement date
—a recommendation that the Bill be amended to delay the first stage of implementation until three months after the date the Bill receives royal assent. Currently, the first stage of implementation will begin on the day after the Bill receives royal assent.
- Scope of designated services
—as concerns remain about the scope of the designated services relating to stored value cards (items 21 to 24 of the designated financial services table) and the exclusion of some community bank branches from the definition of 'owner managed branches' in clause 12, a recommendation was made that further work
