AML/CTF laws effective today
The Federal Government has launched a suite of tools designed to help companies working in the financial services sector deal with the provisions of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006, which comes into force today.
The tools were launched by the new Minister for Home Affairs, Bob Debus, who said they were designed to help businesses understand money laundering and terrorism financing impacts and to meet their obligations.
He said the Government’s aim was to work in partnership with industry to ensure implementation of the strategy.
The tools launched by the Minister and developed by Australian Transaction Reports and Analysis Centre include AUSTRAC online, an information portal to help with lodging compliance reports, the ‘AUSTRAC Regulatory Guide’, a guide to assist reporting entities in understanding their obligations, the ‘AUSTRAC Typologies and Case Studies Report 2007’, which provides an inside perspective on current money-laundering and terrorism-financing methods and indicators and ‘Introduction to AML/CTF’, the first course in AUSTRAC’s anti-money laundering and counter terrorism e-learning program.
In launching the tools, Debus said recent reports estimated money laundering and proceeds of crime in and through Australia were about $4.5 billion a year.
AUTHOR
Mike Taylor
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