Anti-Money Laundering and Counter-Terrorism Financing Overview Webinar

Anti-Money Laundering information video, recorded by the Australian Capital Territory Law Society to provide an overview of the AML/CTF regime and the proposed Tranche 2 reforms.
The Federal Attorney-General’s Department (AGD) is responsible for the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 which currently regulates the financial, gambling and bullion sectors.
The extension of the anti-money laundering and counter-terrorism financing (AML/CTF) regime to lawyers, accountants, real estate agents, and other ‘gatekeepers’ to the financial system (Tranche 2), has been considered by the Federal Government since 2007.
During 2023 and 2024, the Federal Government has undertaken consultations on Tranche 2 and has indicated its intent to introduce the Tranche 2 reforms in order to align with Australia’s obligations to the Financial Action Taskforce (FATF), the global money laundering and terrorist financing watchdog. If Australia falls behind global standards, it is at risk of being “grey-listed” by the FATF, resulting in increased monitoring and economic repercussions.
As part of the anticipated reforms, the reviewed AML/CTF regime and its associated obligations will be extended to the legal profession. There is currently no indication of when the reforms will be implemented.
The Law Society is assisting the Law Council of Australia to represent the interests of the national profession in relation to the proposed legislative reform. This includes having representatives on the Law Council of Australia’s dedicated AML/CTF Working Group and consulting with the profession and Law Society Committees to inform law reform submissions to the Law Council of Australia.