Anti-Money Laundering and Counter-Terrorism Financing Bill 2006

02 November 2006

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On 1 November 2006, the Anti-Money Laundering and Counter-Terrorism Financing Bill 2006(Bill) was introduced into Parliament by the Attorney-General. The Bill is the result of Australia's commitment to implement the 40 Financial Action Task Force recommendations to combat money laundering and terrorism financing.

The Bill covers service providers in the financial and gambling sectors, bullion dealers and lawyers/accountants (but only to the extent they provide financial services in direct competition with the financial sector) who provide the designated services identified in the Bill.

Generally, service providers covered by the Bill will need to:

• implement customer identification procedures;
• implement reporting procedures (for suspicious matters and significant and other transactions); and
• establish an AML and CTF program for their organisation.

The Bill provides for a staggered transition period (6, 12 and 24 months) for the commencement of provisions.

A detailed release will be issued shortly.

For more information contact a member of the Corrs AML Team.

The Corrs AML Team

Andrew Galvin
+61 2 9210 6439

Lisa Simmons
+61 2 9210 6841

Christine Maher
+61 7 3228 9413

Megan O'Rourke
+61 8 9460 1712

Michael Anastas
+61 7 3228 9843

Anita Jeffrey
+61 3 9672 3325