- Anti-Money Laundering and Counter-Terrorism Financing Rules registered - 20 December 2006
- Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) comes into force - 12 December 2006
- Senate Committee releases Report on Inquiry into the Anti-Money Laundering and Counter-Terrorism Financing Bill 2006 (Cth) and the Anti-Money Laundering and Counter-Terrorism Financing (Transitional Provisions and Consequential Amendments) Bill 2006 (Cth) - 28 November 2006
- APEC Ministers endorse proposal to conduct counter-terrorism financing workshops in 2007 for APEC officials - 17 November 2006
- Allens makes a submission to the Senate Legal and Constitutional Affairs Committee on the Anti-Money Laundering and Counter-Terrorism Financing Bill 2006 (Cth) - 17 November 2006
- The Financial Transaction Reports Amendment Act 2006 (Cth) receives Royal Assent - 9 November 2006
- Allens Partner takes part in international Financial Action Task Force consultation - 9 November 2006
- Anti-Money Laundering and Counter-Terrorism Financing Bill 2006 (Cth) introduced into Parliament - 1 November 2006
- Consultation process on revised draft Anti-Money Laundering and Counter-Terrorism Financing Bill 2006 (Cth) and draft AML/CTF Rules concludes - 4 August 2006
- Senate reports on the Financial Transaction Reports Amendment Bill 2006 - 1 August 2006
- Release of revised draft of the Anti-Money Laundering and Counter-Terrorism Financing Bill 2006 and a package of draft AML/CTF Rules - 13 July 2006
- Financial Action Task Force (FATF) releases Mutual Evaluation Report of the USA anti-money laundering/counter-terrorism financing regime - 23 June 2006
- The Financial Transaction Reports Amendment Bill 2006 (Cth) is introduced into the Senate and referred to the Senate Legal and Constitutional Legislation Committee for inquiry - 21 June 2006
- European Committee for the Prevention of Money Laundering and Terrorist Financing finalises formal Draft Directive for implementing the Third Directive on the Prevention of Money Laundering and Terrorist Financing - 24 May 2006
- Public consultation period on Draft Exposure Anti-Money Laundering and Counter-Terrorism Financing Bill 2005 (Cth) expires - 13 April 2006
- Senate Legal and Constitutional Committee releases Report on Draft Exposure Anti-Money Laundering and Counter-Terrorism Financing Bill 2005 (Cth) - 13 April 2006
- New timetable for anti-money laundering/counter terrorism-financing reforms - 7 April 2006
- Senate Legal and Constitutional Committee conducts public hearing on Draft Exposure Anti-Money Laundering and Counter-Terrorism Financing Bill 2005 (Cth) - 14 March 2006
- Draft Exposure Anti-Money Laundering and Counter-Terrorism Financing Bill 2005 (Cth) sent to Senate Legal and Constitutional Committee - 9 February 2006
Anti-Money Laundering and Counter-Terrorism Financing Rules registered - 20 December 2006
AML/CTF Rules relating to movements of bearer negotiable instruments, movements of physical currency into or out of Australia, receipts of physical currency from outside Australia and register of providers of designated remittance services were made by the AUSTRAC CEO on 13 December 2006 and registered on 20 December 2006 as Anti-Money Laundering and Counter-Terrorism Financing Rules. The Rules can be found on AUSTRAC's website.
Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) comes into force - 12 December 2006
The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) and the Anti-Money Laundering and Counter-Terrorism Financing (Transitional Provisions and Consequential Amendments) Act 2006 (Cth) received Royal Assent and came into force today. The first phase of the substantive provisions of the legislation will take effect tomorrow.
The Anti-Money Laundering and Counter-Terrorism Financing Bill 2006 (Cth) and the Anti-Money Laundering and Counter-Terrorism Financing (Transitional Provisions and Consequential Amendments) Bill 2006 (Cth) were introduced into the House of Representatives on 1 November 2006, and were passed by the Senate without amendment on 7 December 2006.
For more information on how the new legislation will affect your business, see Focus publications of 17 November 2006, 8 December 2006 and 14 December 2006.
Senate Committee releases Report on Inquiry into the Anti-Money Laundering and Counter-Terrorism Financing Bill 2006 (Cth) and the Anti-Money Laundering and Counter-Terrorism Financing (Transitional Provisions and Consequential Amendments) Bill 2006 (Cth) - 28 November 2006
The Senate Standing Committee on Legal and Constitutional Affairs (the Committee) released its Report on the Anti-Money Laundering and Counter-Terrorism Financing Bill 2006 (Cth) and the Anti-Money Laundering and Counter-Terrorism Financing (Transitional Provisions and Consequential Amendments) Bill 2006 (Cth).
The Committee received 42 submissions as part of its Inquiry and held public hearings in Melbourne and Sydney. Allens made a submission to the Inquiry and was invited to appear at the hearings. The Committee's Report focuses on how the Anti-Money Laundering and Counter-Terrorism Financing Bill 2006 (Cth) materially differs from the Exposure Draft of the legislation and contains 14 recommendations.
APEC Ministers endorse proposal to conduct counter-terrorism financing workshops in 2007 for APEC officials - 17 November 2006
APEC Ministers endorsed Australia's proposal to conduct two counter-terrorism financing workshops in 2007 for officials from APEC economies. The workshops will focus on the role and responsibilities of Financial Intelligence Units (FIU) in monitoring transactions involving charities, non-profit organisations and alternative remittance systems.
Australia will co-host the workshops with Malaysia in 2007 in Kuala Lumpur. The workshops will be organised by the Australian Transaction Reports and Analysis Centre (AUSTRAC), FIU, and the South East Asian Regional Centre for Counter-Terrorism (SEARCCT) in Kuala Lumpur. FIUs from APEC economies will be invited to attend and participate in the workshops.
Allens makes a submission to the Senate Legal and Constitutional Affairs Committee on the Anti-Money Laundering and Counter-Terrorism Financing Bill 2006 (Cth) - 17 November 2006
On 8 November 2006, the Senate referred the Anti-Money Laundering and Counter-Terrorism Financing Bill 2006 (Cth) and the Anti-Money Laundering and Counter-Terrorism Financing (Transitional Provisions and Consequential Amendments) Bill 2006 (Cth) to the Senate Legal and Constitutional Affairs Committee (the Committee) for inquiry and report by 28 November 2006.
The Committee had previously held an Inquiry and reported on the exposure draft of the legislation in April 2006. The purpose of the current Inquiry is to concentrate on any issues which arise from changes made to the Bill since the exposure draft.
Allens made a submission to the current Inquiry and also to the Inquiry conducted in April 2006.
The Financial Transaction Reports Amendment Act 2006 (Cth) receives Royal Assent - 9 November 2006
The Financial Transaction Reports Amendment Act 2006 (Cth) received Royal Assent today.
Allens Partner takes part in international Financial Action Task Force consultation - 9 November 2006
Allens Partner, Anna Lenahan, attended a high-level consultation between the Financial Action Task Force (the FATF) and representatives of the international legal and accounting professions.
The meeting, held in Amsterdam on 7-8 November, was attended by members of FATF, the IMF, the World Bank and representatives of various international and national legal professional bodies (including the American Bar Association, the Council of the Bars and Law Societies of the EU, the International Bar Association and the Law Society of England and Wales). Australia was represented by the Law Council of Australia. Anna Lenahan was the only lawyer to attend in her capacity as an individual practitioner. The purpose of the meeting was to identify and discuss issues of concern to the private sector arising from the implementation of the FATF Recommendations and to look at how these issues could be addressed.
For more information on the meeting see Focus: Anti-money Laundering - 15 December 2006
Anti-Money Laundering and Counter-Terrorism Financing Bill 2006 (Cth) introduced into Parliament - 1 November 2006
The Anti-Money Laundering and Counter-Terrorism Financing Bill 2006 (Cth) and the Anti-Money Laundering and Counter-Terrorism Financing (Transitional Provisions and Consequential Amendments) Bill 2006 (Cth) were introduced into the House of Representatives where they received their first and second readings.
Consultation process on revised draft Anti-Money Laundering and Counter-Terrorism Financing Bill 2006 (Cth) and draft AML/CTF Rules concludes - 4 August 2006
The public consultation process conducted by the Attorney-General's Department and AUSTRAC expired. Allens made submissions to the Attorney-General's Department and AUSTRAC.
Senate reports on the Financial Transaction Reports Amendment Bill 2006 (Cth) - 1 August 2006
The Senate Legal and Constitutional Legislation Committee released its Report on the Financial Transaction Reports Amendment Bill 2006 (Cth).
Release of revised draft of the Anti-Money Laundering and Counter-Terrorism Financing Bill 2006 (Cth) and a package of draft AML/CTF Rules - 13 July 2006
Senator Ellison released the revised draft of the Anti-Money Laundering and Counter-Terrorism Financing Bill 2006 (Cth) and a package of draft AML/CTF Rules. The Bill is subject to a public consultation period conducted by the Attorney-General's Department and AUSTRAC, due to expire on 04 August 2006. Allens will make submissions to both the Attorney-General's Department and AUSTRAC. For more, see Focus publications of 27 July and 3 August 2006.
Financial Action Task Force (FATF) releases Mutual Evaluation Report of the USA anti-money laundering/counter-terrorism financing regime - 23 June 2006
The FATF and the Asia Pacific Group have jointly assessed the United States' anti-money laundering and counter-terrorist financing (AML/CTF) standards and released an Evaluation Report. While the Report found that the US has a comprehensive legal and institutional framework for investigating and prosecuting money laundering and terrorist financing offences which it vigorously pursues, the regime may be improved. According to the Report, customer identification requirements may be strengthened, and AML/CTF measures may be extended to a wider range of non-financial businesses and professions. The Report has implications for those Australian businesses which have a US parent entity and which will be subject to the new Australian AML/CTF regime.
For more information on the Report see Focus: Anti-money Laundering - 30 August 2006
The Financial Transaction Reports Amendment Bill 2006 (Cth) is introduced into the Senate and referred to the Senate Legal and Constitutional Legislation Committee for inquiry - 21 June 2006
The Financial Transaction Reports Amendment Bill 2006 (Cth) was introduced into the Senate. The Bill proposes to amend Division 3A of the Financial Transaction Reports Act 1988 (Cth) when it comes into force on 14 December 2006.
The Senate referred the Bill to the Senate Legal and Constitutional Legislation Committee for inquiry and report by 01 August 2006. Submissions were called for by 10 July 2006. Allens made submissions to the inquiry.
European Committee for the Prevention of Money Laundering and Terrorist Financing finalises formal Draft Directive for implementing the Third Directive on the Prevention of Money Laundering and Terrorist Financing - 24 May 2006
The Committee for the Prevention of Money Laundering and Terrorist Financing (a committee chaired by the European Union) has finalised its formal Draft Directive for implementing the Third Directive on the Prevention of Money Laundering and Terrorist Financing. The measures provide guidance on how to identify and deal with 'politically exposed persons' (PEPs).
For more information see Focus: Anti-money Laundering - 24 May 2006.
Public consultation period on Draft Exposure Anti-Money Laundering and Counter-Terrorism Financing Bill 2005 (Cth) expires - 13 April 2006
The initial public consultation process conducted by the Attorney-General's Department has expired. Allens made submissions to the Attorney-General's Department.
Senate Legal and Constitutional Committee releases Report on Draft Exposure Anti-Money Laundering and Counter-Terrorism Financing Bill 2005 (Cth) - 13 April 2006
The Senate Legal and Constitutional Legislation Committee released its Report on the Exposure Draft of the Anti-Money Laundering and Counter-Terrorism Financing Bill 2005 (Cth).
New timetable for anti-money laundering/counter terrorism-financing reforms - 7 April 2006
Senator Ellison announced the Federal Government's intention to release a revised draft Bill and complete package of Rules by the end of May 2006, to be followed by a further consultation period of three weeks between the Ministerial Advisory Group (set up by the Minister) and its various AML Working Groups.
For more, see our Client update: Anti-Money Laundering - 7 April 2006
Senate Legal and Constitutional Committee conducts public hearing on Draft Exposure Anti-Money Laundering and Counter-Terrorism Financing Bill 2005 (Cth) - 14 March 2006
The Senate Legal and Constitutional Committee conducted a public hearing in relation to the Bill after receiving submissions from industry bodies and other interested parties. Allens made submissions to the Committee and gave evidence at the hearing.
Draft Exposure Anti-Money Laundering and Counter-Terrorism Financing Bill 2005 (Cth) sent to Senate Legal and Constitutional Committee - 9 February 2006
The Senate referred the Exposure Draft of the Anti-Money Laundering and Counter-Terrorism Financing Bill 2005 (Cth) to the Senate Legal and Constitutional Legislation Committee for inquiry and report by 13 April 2006.
