The Government has introduced the first tranche of the Anti-money laundering/Counter-terrorism financing (AML/CTF) legislation into Commonwealth Parliament:

• The Anti-Money Laundering and Counter-Terrorism Financing Bill 2006
• The Anti-Money Laundering and Counter-Terrorism Financing (Transitional Provisions and Consequential
     Measures) Bill 2006

The 282-page AML/CTF bill has staggered operative dates. Specific operative dates include:
   

• Identification procedures: 12 months after the bill receives assent.
• Reporting obligations: 24 months after the bill receives assent.
• AML/CTF reports: 6 months after the bill receives assent.
• Cross-border currency transactions: when the bill receives assent.
• Electronic funds transfer instructions: when the bill receives assent.
• AML/CTF programs: 12 months after the bill receives assent.
• Record-keeping requirements: 6 months after the bill receives assent

The Attorney-General’s Department AML website