The Australian Government is in the final stages of implementing the first tranche of its Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) laws. The AML/CTF Bill was formally introduced into Parliament on 1 November 2006.
The AML/CTF Bill and Rules will affect the financial services industry, including responsible entities of managed funds, trustees of superannuation, banks and life insurers, and are likely to give rise to the most significant legal and compliance issues that the financial services industry will face over the next two years.
The Senate Legal and Constitutional Legislation Committee will conduct an inquiry into the latest version of the Bill, with a planned reporting date of 28 November 2006. This would allow time for the Bill to be passed by the last Parliamentary sitting day for the year on 7 December 2006.
Depending on the number of submissions received, public hearings in Sydney, Melbourne and Canberra are likely. The Government has already received more than 150 submissions on the two exposure drafts of the Bill and Rules (including two made by Minter Ellison) it previously released.
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