Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2017

Summary

Amends the: Anti-Money Laundering and Counter-Terrorism Financing Act 2006 to: expand the objects of the Act to reflect the domestic objectives of anti-money laundering and counter-terrorism financing regulation; expand the scope of the Act to include regulation of digital currency exchange providers; clarify due diligence obligations relating to correspondent banking relationships and broaden the scope of these relationships; qualify the term ‘in the course of carrying on a business’; allow related bodies corporate to share information; expand the range of regulatory offences for which the AUSTRAC Chief Executive Officer (CEO) is able to issue infringement notices; allow the CEO to issue a remedial direction to a reporting entity to retrospectively comply with an obligation that has been breached; give police and customs officers broader powers to search and seize physical currency and bearer negotiable instruments and establish civil penalties for failing to comply with questioning and search powers; revise certain definitions; and clarify certain powers and obligations of the CEO; and Anti-Money Laundering and Counter-Terrorism Financing Act 2006 and Financial Transaction Reports Act 1988 to de-regulate the cash-in-transit sector, insurance intermediaries and general insurance providers.

Progress

House of Representatives
Introduced and read a first time	17 Aug 2017
Second reading moved	17 Aug 2017
Second reading debate	24 Oct 2017
Referred to Federation Chamber	24 Oct 2017
Second reading debate	05 Dec 2017
Second reading agreed to	05 Dec 2017
Consideration in detail debate Amendment details: 3 Government agreed to	05 Dec 2017
Reported from Federation Chamber	06 Dec 2017
Third reading agreed to	06 Dec 2017

Senate
Introduced and read a first time	07 Dec 2017
Second reading moved	07 Dec 2017
Second reading debate	07 Dec 2017
Second reading agreed to	07 Dec 2017
Third reading agreed to	07 Dec 2017


Finally passed both Houses	07 Dec 2017
Assent Act no: 130 Year: 2017	13 Dec 2017

Documents and transcripts

Text of bill

First reading

Third reading

As passed by both Houses

Explanatory memoranda

Explanatory memorandum

Revised explanatory memorandum

Supplementary explanatory memorandum

Transcript of speeches

Proposed amendments

House of representatives

Government [ZA448]

Schedules of amendments

Schedule of the amendments agreed to by the Federation Chamber

Bills digest

Bills Digest

Notes

Referred to Committee (17/08/2017): Senate Legal and Constitutional Affairs Legislation Committee; Committee report (16/10/2017)
An electronic version of this Act is available on the Federal Register of Legislation (www.legislation.gov.au)

Helpful information

Text of bill

First reading: Text of the bill as introduced into the Parliament
Third reading: Prepared if the bill is amended by the house in which it was introduced. This version of the bill is then considered by the second house.
As passed by both houses: Final text of bill agreed to by both the House of Representatives and the Senate which is presented to the Governor-General for assent.

Explanatory memoranda

Explanatory memorandum: Accompanies and provides an explanation of the content of the introduced version (first reading) of the bill.
Supplementary explanatory memorandum: Accompanies and explains amendments proposed by the government to the bill.
Revised explanatory memorandum: Accompanies and explains the amended version (third reading) of the bill. It supersedes the explanatory memorandum.

Proposed amendments

Circulated by members and senators when they propose to make changes to the bill. For details about the outcome of proposed amendments please refer to either the Votes and Proceedings (House of Representatives) or the Journals (Senate).

Schedules of amendments

Schedules of amendments list amendments agreed to by the second house are communicated to the first house for consideration. Subsequent action by either house may also be included in a schedule.