The Government has announced that it intends to introduce the Anti-Money Laundering and Counter-Terrorism Financing and Other Legislation Amendment Bill into Parliament before the end of 2019 to cover technical issues and clarify aspects of Australia’s money laundering offences. Background.
The Bill (also known as Phase 1.5 of the AML/CTF regime) will include:
- changes to the use of AUSTRAC financial intelligence;
- streamlining the registration of remittance providers;
- enhancing the operation of customer due diligence obligations; and
- simplifying the cross-border reporting regime.
It will not include Designated Non-Financial Businesses and Professions.
The Government also plans to introduce and pass the Currency (Restrictions on the Use of Cash) Bill to introduce criminal offences for transacting in cash in excess of $10,000. UPDATE: Draft Currency Bill released.
Transactions in excess of $10,000 would need to be made using the electronic payment system or by cheque. Background.
