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Submissions for this consultation closed on Tuesday, 31 January 2017

On 29 April 2016, the Minister for Justice, the Honourable Michael Keenan MP, released the Report on the Statutory Review of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 and Associated Rules and Regulations.

The report contains 84 recommendations to streamline and strengthen Australia's anti-money laundering and counter-terrorism financing (AML/CTF) regime.

Industry consultation​

Phase 1 legislative proposals

The government is consulting with industry on proposals to implement the first phase of legislative proposals arising from recommendations from the report of the statutory review of the AML/CTF regime.

The Phase 1 industry consultation paper sets out reform proposals that have been identified as priority projects for 2017.

Regulation of digital currencies

The Report on the Statutory Review of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 and Associated Rules and Regulations highlighted benefits and risks associated with the growing use of digital currencies.

While digital currencies offer the potential for cheaper, more efficient and faster payments, the associated money laundering and terrorism financing risks are well documented. The Attorney-General's Department is considering proposals to regulate convertible digital currencies and has prepared a consultation paper to seek industry views.

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Options for regulating lawyers, conveyancers, accountants, high-value dealers, real estate agents and trust and company service providers

Recommendation 4.6 of the report states that the Attorney-General's Department and AUSTRAC, in consultation with industry, should:

  1. develop options for regulating lawyers, conveyancers, accountants, high-value dealers, real estate agents and trust and company service providers under the AML/CTF Act, and
  2. conduct a cost-benefit analysis of the regulatory options for regulating lawyers, conveyancers, accountants, high-value dealers, real estate agents and trust and company service providers under the AML/CTF Act.

Our department is conducting a consultation on regulatory models for lawyers, conveyancers, accountants, high-value dealers, real estate agents, trust and company service providers under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act).

The following sector-specific consultation papers have been developed for industry.

Industry submissions

Public submissions closed at 5.00pm AEDT on 31 January 2017. Copies of received submissions are available below. If you experience accessibility issues with the documents on this page, please contact antimoneylaundering@ag.gov.au for an alternate version.

General submissions

Accountants

High value dealers

Real estate professionals

Lawyers and conveyancers

Trust and company service providers

Project plan

The project plan for implementing the review recommendations outlines two phases.

Phase one includes priority projects scheduled for completion in 2017, while phase two progresses major, long-term reforms. Public consultation on the draft project plan was held from October 2016 and closed on 11 November 2016. The final project plan is available to download below.

Consultation, design and implementation for the AML/CTF reforms will continue through to 2019.

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