While supporting the initiative to combat money laundering and the financing of terrorism, the Institute has raised concerns about unrealistically onerous compliance obligations on the accounting profession, and is working to ensure that the profession is not adversely impacted. 
 
Read the Institute and CPA Australia’s submission to the Senate Committee Inquiry calling for a clear statement of the accounting profession’s position on the proposed legislation. 
 
The Institute and CPA Australia’s submission 
 
The Institute has responded to the government’s second draft of its Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Bill in July 2006.  
 
Members will be updated on progress.