The Austrac CEO has given an update on the AML/CTF Act statutory review in Austrac’s Corporate Plan 2015-19 and a recent statement.

UPDATE: AML Review Report released 29 April 2016.

The Attorney-General’s Department (AGD) is leading the review of the AML/CTF Act. The report on the review of the Act will be provided by AGD to the Australian Government by the end of 2015.

The review of the Act will examine ways to streamline the domestic AML/CTF regime and reduce, where possible, the regulatory burden.

The Statutory Review is also considering whether it is appropriate to expand the scope of the regime to other services, including digital currencies.

The review will consider issues such as whether designated non-financial businesses and professions (such as lawyers, accountants, real estate agents, trust and company service providers and high value dealers) and the services they provide should be regulated under the regime.

The report will reflect the outcomes of the Financial Action Task Force (FATF) mutual evaluation of Australia finalised earlier this year.