The report of the review was publically released on Friday, 29 April 2016.
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.
The Government will carefully consider the recommendations of the report. Industry will be closely consulted on the design of any reforms.
A copy of the report is available below:
If you have any questions on the review, contact Anti-Money Laundering Review.
The views of industry, partner agencies and other interested parties are crucial to ensuring the statutory review is thorough and informed. The department released an issues paper identifying a range of issues to assist interested parties in preparing submissions. Written submissions were invited on matters contained in the Terms of Reference, guiding principles and issues paper, and on the operation of the AML/CTF regime more generally.
The submissions received contain valuable input, representing a range of stakeholder perspectives. The review considered the key issues raised in the submissions and these are reflected in the review report. The submissions are published below, unless the author has requested their submission remain confidential.
The department, in conjunction with AUSTRAC, held roundtables with specific industry sectors in 2014 and 2015. These roundtables heard from industry to better understand issues raised in submissions to the review and have informed and guided the review process. The department and AUSTRAC have met a number of key industry sectors including:
- banking/finance sector
- cash in transit industry
- gaming services industry
- non-government organisation sector
Public submissions received are listed below: