The Minister for Home Affairs and Justice has released for comment the Exposure Draft of the Combating the Financing of People Smuggling and Other Measures Bill.

The draft Bill amends the Anti-Money laundering and Counter Terrorism Financing Act 2006 (AML/CTF Act) to introduce a more comprehensive anti-money laundering and counter terrorism financing (AML/CTF) regulatory regime for the remittance sector.

Amendments are also made to the AML/CTF Act and Privacy Act 1988 to enable regulated businesses to use credit reporting data held by credit reporting agencies to verify the identity of their customers for the purposes of the AML/CTF Act.

The closing date for submissions on the draft Bill is Friday 10 December 2010.