20 April 2023 - Modernising Australia’s anti-money laundering and counter-terrorism financing regime

The federal government has placed AML/CTF firmly back on the agenda, having announced public consultation on proposed reforms of Australia’s anti-money laundering and counter-terrorism financing regime.

Addressing measures recommended by the 2016 Statutory Review, the Attorney-General’s Department is intending to:

  • Simplify and modernise the operation of the regime, including making the AML/CTF Rules easier for regulated entities to follow
  • Implementing long-awaited extension of the AML/CTF regime to certain high-risk professions, including lawyers, accountants, trust and company service providers, real estate agents, and dealers in precious metals and stones (Tranche 2)

There is currently a sense of urgency around amending Australia’s AML/CTF regime, with the country lagging global peers in several areas and international standard-setting body FATF set to conduct its next Mutual Valuation of Australia in 2025.

Financial Education Professionals acknowledges the Traditional Owners of Country throughout Australia. We pay our respects to Elders past, present and emerging.