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Anti-money laundering - Tranche 1
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The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 was passed by parliament on 7 December 2006 and received Royal Assent on 12 December 2006. The Act will be progressively implemented in stages over a 2 year period. Some substantive provisions are to commence immediately as set out in the timetable for commencement more 
 
Anti-Money Laundering and Counter-Terrorism Financing Bill 2006:

  • Text of the bill 
  • Explanatory memoranda 
  • Bills list entry 
  • Abstract 
  • Bills Digest 
  • Second reading speeches 
  • Proposed Amendments 
  • Schedule of Amendments
This Act and the accompanying Rules represent the first tranche of AML/CTF reform, aimed at financial institutions, gambling services and bullion dealers. The second tranche of AML/CTF reform is to bring accountants, lawyers, real estate agents and jewelers into the AML/CTF regime.  
 
What does this mean for me? More 
 
AML/CTF Rules 
 
Key obligations under the AML/CTF Act are to be set out in AML/CTF Rules which, together with the AML Regulations, will be legally binding. The AML/CTF Rules are being issued by the Australian Transaction Reports and Analysis Centre (AUSTRAC) which is to become the national AML/CTF regulator. At the time of passage of the AML/CTF Act the full suite of Rules had not been finalized and consultation between AUSTRAC and industry is continuing. Further information regarding the progress of these Rules and the operations of AUSTRAC are available from the AUSTRAC website here.