Financial Regulation International
Federal Government releases Anti-Money Laundering Bill
The Australian Federal Government released in December 2005 its Exposure Draft Bill on Anti-Money Laundering and Counter Terrorism Financing. The Bill imposes onerous customer due diligence, reporting and compliance obligations. Allens Arthur Robinson Partners Anna Lenahan and Peter Jones and Senior Associate Judy Maguire report on these obligations.
Anna Lenahan, Peter Jones & Judy Maguire of Allens Arthur Robinson
Background
The foundations of the existing Australian Anti-Money Laundering
(AML)
and Counter-Terrorism Financing
(CTF)
regime are contained in the provisions of the
Financial Transaction Reports Act 1998
(Cth) (
FTRA
) and the
Proceeds of Crime Act 2002
(Cth), the money laundering and terrorist financing offences in the
Criminal Code
and the provisions of the
Charter of the United Nations Act 1945
(Cth).