Anti-Money Laundering and Counter-Terrorism Financing Bill 2005
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Upon analysis, however, the proposed revamp of the anti-money laundering regime,
contained in the draft exposure Anti-Money Laundering and Counter-Terrorism Financing
Bill 2005 and accompanying draft rules and guidelines, does not bring Australia into line
with the FATF 40 Recommendations. It would, on the contrary, establish an anti-money
laundering regime which departed from the FATF 40 Recommendations in a number of key
respects, without any apparent justification. In other important respects the new regime would
depart from the existing regime of the FTRA also without apparent justification. (11 April 2006)
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Submission
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