Submissions for this consultation closed on Friday, 28 March 2014
Section 251 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) required a review of the operation of the AML/CTF Act and associated Rules and Regulations to commence before 13 December 2013, and a report of the review to be prepared and tabled in Parliament.
In December 2013, the government commenced the review of the AML/CTF by releasing Terms of Reference, accompanying 'guiding principles' and an issues paper. Following consideration of the relevant findings of the Financial Action Task Force's (FATF) mutual evaluation of Australia's AML/CTF regime and a substantial consultation process with industry, government and the public, the review is now complete.
The findings of the review are set out in the Report on the Statutory Review of the Anti-Money Laundering and Counter Terrorism Financing Act 2006 and Associated Rules and Regulations. This report was tabled in Parliament by the Minister for Justice on 29 April 2016.
The report provides a comprehensive review of the issues raised by industry, government and the public. The review concludes Australia's AML/CTF regime remains relevant and appropriate but identifies opportunities to minimise red tape and recommends strengthening the already robust legal framework to better respond to new and emerging threats.
A copy of the report is available below:
The government is carefully considering the recommendations of the report and is conducting a consultation on AML/CTF statutory review implementation.
If you have any questions on the review, contact Anti-Money Laundering Review.