Inquiry into the Exposure Draft of the Anti-Money Laundering
and Counter-Terrorism Financing Bill 2005
Information about the inquiry
On 9 February 2006 , the Senate referred the Exposure Draft of the
Anti-Money Laundering and Counter-Terrorism Financing Bill 2005 to the Senate Legal and Constitutional Legislation Committee for inquiry and report by
13 April 2006.
The Exposure Draft of the Bill proposes a number of
amendments to Australia's anti-money laundering and counter-terrorism
financing system, in line with international standards issued by the
Financial Action Task Force on Money Laundering. The Exposure Bill will
provide a framework enabling individual businesses to manage money
laundering and terrorism financing risks specific to their industry
sector. The general principles underpinning the proposed system are set
out in legislation, supplemented by legally-binding Rules, and
non-binding Guidelines.
The Committee notes that the Attorney-General's
Department is also currently conducting a public consultation process in
relation to the
Exposure Draft of the Bill and the Rules. The Committee will accept
submissions prepared as part of that consultation process.
The Exposure Draft of the Bill and associated
documentation is available on the Attorney-General's Department's website at
www.ag.gov.au/aml.
Lodging Submissions
Submissions are called for by 8 March 2006. Submissions become Committee documents and are only made public after a decision by the Committee. Unauthorised release of submissions is not covered by parliamentary privilege. Further assistance can be obtained by phoning the secretariat on (02) 6277 3560.
For further information, contact:
Committee Secretary
Senate Standing Committees on Legal and Constitutional Affairs
PO Box 6100
Parliament House
Canberra ACT 2600
Australia
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