Following an international directive from the Financial Action Taskforce on money laundering (FATF), the government is committed to reform anti-money laundering legislation to ensure Australian laws meet tough new international standards. 
 
The legislation will include new reporting requirements for accountants, lawyers, real estate agents and Chartered Accountants operators and, given the experience in other jurisdictions, is likely to impose serious penalties if breached. 
 
The first draft of the Bill was released in December 2005. 
 
First draft of bill 
 
In July 2006, after industry consultation, the government released a second draft of its Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Bill. This addressed many of the issues raised by the Institute, especially the need to adopt a risk based approach in order to minimise the impact on business. The government is working towards getting the Bill through parliament by the end of 2006.  
 
Read the statement by the Minister for Justice on the second draft of the Bill. 
 
Second draft of bill