List of recommendations

Recommendation 1

4.28
Consistent with the Commonwealth government’s long-standing position, the committee recommends that the Commonwealth government accelerates its consultation with stakeholders on the timely implementation of tranche 2 reforms in line with the Financial Action Task Force recommendations and ensures that the Australian Transaction Reports and Analysis Centre and the Department of Home Affairs have the right resources to adequately and effectively implement and manage the tranche 2 regime.

Recommendation 2

4.29
The committee recommends that the Commonwealth government’s acceleration of its consultation with relevant stakeholders be broad, with specific consideration given (but not be limited) to:
the impact of regulatory burden on small business;
opportunities and efficiencies that might be gained from technological innovation, especially where it could streamline regulatory processes and lower costs; and
existing regulatory and professional obligations on tranche 2 entities, including their effectiveness against the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.

Recommendation 3

4.32
The committee recommends that the Commonwealth government seeks advice as to whether section 242 of the Anti-Money Laundering and Counter Terrorism Financing Act 2006 should be amended to ensure the proper operation of legal professional privilege.

Recommendation 4

4.36
The committee recommends that the Commonwealth government pursues a beneficial ownership register.

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Past Public Hearings

10 Nov 2021: Canberra
09 Nov 2021: Canberra