The first round of public consultation on proposed reforms to the current anti-money laundering and counter-terrorism financing regime has drawn to a close.

The legislative reforms consultation sought feedback on proposed changes affecting current reporting entities, as well as certain higher-risk professions (tranche-two entities).

These reforms aim to:

• simplify and modernise the regime in line with international standards and best practice
• reduce complexity and regulatory burden on industry
• ensure the regime remains fit-for-purpose
• harden Australian businesses and sectors against exploitation by serious organised criminals.

Next steps

All feedback is currently being reviewed by the Attorney-General’s Department (AGD).

Further consultation will occur throughout the year, informed by the feedback from this round. Keep an eye on the AGD website in the coming months for further details.

AUSTRAC will continue to work with the AGD to ensure these reforms put Australia in the best possible position to deal with the ever-evolving money laundering and terrorism financing risks. 

What you need to do

AUSTRAC will keep you informed on the progress of the AML/CTF reforms, including any actions you need to take. If you have any questions about the reforms, email economiccrime@ag.gov.au.