Statement of Expectations and Statement of Intent
Commonwealth regulators, including AUSTRAC, are accountable to the Parliament, including through Senate Estimates and Australian National Audit Office (ANAO) scrutiny.
In addition, Ministers set out their expectations and guidance on how regulators fulfil their statutory roles through Ministerial Statements of Expectations. These Statements are issued by the responsible Minister to a regulator, or an entity with regulatory functions, to provide greater clarity about government policies and objectives relevant to the regulator’s statutory objectives and how it conducts its operations.
The regulator responds to a Ministerial Statement of Expectations with a Regulator Statement of Intent that, in turn, identifies how it will deliver on the Government’s expectations. The current Statement of Expectations and Statement of Intent for AUSTRAC can be found below:
- Download the AUSTRAC Statement of Expectations (PDF 196KB)
- Download the AUSTRAC Statement of Intent (PDF 276KB)
For further information on how AUSTRAC assesses and reports its regulatory performance, please see our Corporate Plans and Annual Reports.
This guidance sets out how we interpret the Act, along with associated Rules and regulations. Australian courts are ultimately responsible for interpreting these laws and determining if any provisions of these laws are contravened.
The examples and scenarios in this guidance are meant to help explain our interpretation of these laws. They’re not exhaustive or meant to cover every possible scenario.
This guidance provides general information and isn't a substitute for legal advice. This guidance avoids legal language wherever possible and it might include generalisations about the application of the law. Some provisions of the law referred to have exceptions or important qualifications. In most cases your particular circumstances must be taken into account when determining how the law applies to you.