Footnotes
[1] See, for example, Committee Hansard, 14 March 2006, p. 61; E. Colman, 'Dirty money
laws stall, face revision', The Australian,
17 March 2006.
[2] The FATF is an international organisation
concerned with strengthening AML provisions in the global financial system,
including recommending legislative and enforcement measures for individual
countries to implement.
[3] Sue Harris Rimmer, Ann Palmer, Angus Martyn,
Jerome Davidson, Roy Jordan and Moira Coombs, Parliamentary Library,
Anti-Terrorism Bill (No. 2) 2005, Bills Digest No. 64 2005-06, 18 November
2005, p. 49.
[4] Minister for Justice and Customs, Media Release, Australia endorses global anti-money
laundering standards, 8 December 2003, at
http://www.ag.gov.au/agd/www/Justiceministerhome.nsf/Page/RWP448419DCA3156F1BCA256DF5007AC772?OpenDocument
(accessed 6 April 2006).
[5] See http://www.ag.gov.au/aml
[6] Minister for Justice and Customs, Media Release, Exposure draft of anti-money laundering and
counter-terrorist financing Bill released for public comment, 16 December
2005, at http://www.ag.gov.au/agd/WWW/justiceministerHome.nsf/AllDocs/B8D9EAFB4FED18E6CA2570D8007C616D?OpenDocument
(accessed 7 February 2006).
[7] Minister for Justice and Customs, Media Release, Exposure draft of anti-money laundering and
counter-terrorist financing Bill released for public comment, 16 December
2005, at http://www.ag.gov.au/agd/WWW/justiceministerHome.nsf/AllDocs/B8D9EAFB4FED18E6CA2570D8007C616D?OpenDocument
(accessed 7 February 2006).
[8] Minister for Justice and Customs, Media Release, Australia fighting money laundering and
terrorist financing, 17 October 2005, at http://www.ag.gov.au/agd/WWW/justiceministerHome.nsf/AllDocs/2DCD3F1AC23A43A8CA25709E0027F92E?OpenDocument
(accessed 6 April 2006).
[9] Explanatory
Memorandum, p. 12.
[10] In September 2005, the Council of Australian
Governments (COAG) agreed that the Commonwealth would consult with the states
and territories about the enactment of laws to prevent the use of non-profit or
charitable organisations for the financing of terrorism: Minister for Justice
and Customs, Media Release, Australia
fighting money laundering and terrorist financing, 17 October 2005, at http://www.ag.gov.au/agd/WWW/justiceministerHome.nsf/AllDocs/2DCD3F1AC23A43A8CA25709E0027F92E?OpenDocument
(accessed 6 April 2006).
[11] Overview of
the exposure Anti-Money Laundering and Counter-Terrorism Financing Bill at http://www.ag.gov.au/agd/WWW/rwpattach.nsf/VAP/(03995EABC73F94816C2AF4AA2645824B)~OverviewExposureDraftAML.pdf/$file/OverviewExposureDraftAML.pdf
(accessed 7 February 2006).
[12] Overview of
the exposure Anti-Money Laundering and Counter-Terrorism Financing Bill at http://www.ag.gov.au/agd/WWW/rwpattach.nsf/VAP/(03995EABC73F94816C2AF4AA2645824B)~OverviewExposureDraftAML.pdf/$file/OverviewExposureDraftAML.pdf
(accessed 7 February 2006).
[13] The definition of 'financial product' will
correspond to the definition of that term in the Corporations Act 2001 – although some of the more specific
exemptions in the Corporations Act relating to financial services regulation
for investor protection and market integrity purposes, which do not accord with
AML/CTF objectives, will not apply.
[14] Anti-Money
Laundering and Counter-Terrorism Financing (AML/CTF) Rules – Questions and
Answers at http://www.ag.gov.au/agd/WWW/rwpattach.nsf/VAP/(03995EABC73F94816C2AF4AA2645824B)~QAAMLCTFRules.pdf.pdf/$file/QAAMLCTFRules.pdf.pdf
(accessed 10 February 2006)
[15] Anti-Money
Laundering and Counter-Terrorism Financing (AML/CTF) Rules – Questions and
Answers at http://www.ag.gov.au/agd/WWW/rwpattach.nsf/VAP/(03995EABC73F94816C2AF4AA2645824B)~QAAMLCTFRules.pdf.pdf/$file/QAAMLCTFRules.pdf.pdf
(accessed 10 February 2006)
[16] See http://www.ag.gov.au/aml
(accessed 7 February 2006)
[17] Committee
Hansard, 14 March 2006, pp 63-65.
[18] Committee
Hansard, 14 March 2006, p. 65.
[19] Submission
2, p. 2.
[20] Submission
2, p. 2.
[21] Committee
Hansard, 14 March 2006, p. 16.
[22] For example, IFSA, Submission 2, p. 2; ING Direct, Submission
13, p. 2.
[23] Submission
2, p. 2.
[24] Submission
18, p. 2.
[25] Submission
18, p. 2.
[26] Submission
7, p. 1.
[27] Committee
Hansard, 14 March 2006, p. 20.
[28] Committee
Hansard, 14 March 2006, p. 48.
[29] Submission
11A, p. 8.
[30] Submission
29, p. 2.
[31] Committee
Hansard, 14 March 2006, p. 61.
[32] Committee
Hansard, 14 March 2006, p. 61.
[33] Committee
Hansard, 14 March 2006, p. 61.
[34] Committee
Hansard, 14 March 2006, p. 61.
[35] Committee
Hansard, 14 March 2006, p. 78.
[36] Committee
Hansard, 14 March 2006, p. 61.
[37] For example, IFSA, Submission 2, p. 2; CPA Australia & The Institute of Chartered
Accountants in Australia, Submission 7,
pp 1 & 4; Insurance Australia Group, Submission
11A, p. 8; Suncorp-Metway Limited, Submission
14, p. 4, Platinum Asset Management, Submission
21, p. 3.
[38] S. Patten, 'Laundering laws rinsed off', Australian Financial Review, 17 March
2006.
[39] Committee
Hansard, 14 March 2006, p. 2.
[40] Submission
2, p. 2.
[41] Submission
2, p. 3.
[42] Submission
2, p. 3.
[43] Submission
14, p. 5.
[44] Submission
29, p. 2.
[45] Submission
17, p. 2.
[46] Submission
18, p. 25.
[47] For example, CPA Australia & The Institute of
Chartered Accountants in Australia, Submission
7, p. 2; Australian Bankers' Association, Submission 18, p. 2.
[48] Submission
18, p. 7.
[49] For example, Australian Privacy Foundation, Submission 4, p. 4; CPA Australia &
The Institute of Chartered Accountants in Australia, Submission 7, p. 2; Ms Catherine Kennedy, The Institute of
Chartered Accountants in Australia, Committee
Hansard, 14 March 2006, p. 43; ING Direct, Submission 13, p. 2.
[50] Committee
Hansard, 14 March 2006, p. 51.
[51] FATF Documents on the Forty Recommendations, p. 3
at http://www.fatf-gafi.org/document/28/0,2340,en_32250379_32236930_33658140_1_1_1_1,00.html#40recs
(accessed 10 February 2006)
[52] Submission
26, p. 2.
[53] Submission
26, p. 2.
[54] Submission
4, p. 4.
[55] Submission
4, p. 4.
[56] Submission
4, p. 4.
[57] Committee
Hansard, 14 March 2006, p. 2.
[58] Committee
Hansard, 14 March 2006, p. 2.
[59] Submission
28, p. 2.
[60] Submission
24, p. 3.
[61] Committee
Hansard, 14 March 2006, p. 2.
[62] Committee
Hansard, 14 March 2006, p. 2.
[63] Submission
11A, p. 7.
[64] Committee
Hansard, 14 March 2006, p. 9.
[65] Submission
7, p. 1.
[66] Submission
7, p. 2.
[67] Submission
24, p. 3.
[68] Submission
24, p. 3.
[69] Submission
29, p. 3.
[70] Submission
18, p. 7.
[71] Committee
Hansard, 14 March 2006, p. 10.
[72] Committee
Hansard, 14 March 2006, p. 10.
[73] Submission
2, p. 4.
[74] Committee
Hansard, 14 March 2006, p. 51.
[75] Submission
14, p. 4.
[76] Committee
Hansard, 14 March 2006, p. 67.
[77] Committee
Hansard, 14 March 2006, p. 68.
[78] Committee
Hansard, 14 March 2006, p. 68.
[79] Committee
Hansard, 14 March 2006, p. 68.
[80] Committee
Hansard, 14 March 2006, p. 63.
[81] Committee
Hansard, 14 March 2006, p. 63.
[82] Submission
7, p. 2.
[83] Submission
7, p. 2.
[84] Submission
11A, p. 6.
[85] Submission
11A, p. 6.
[86] Submission
18, p. 9.
[87] Committee
Hansard, 14 March 2006, p. 48.
[88] Committee
Hansard, 14 March 2006, p. 48.
[89] Committee
Hansard, 14 March 2006, p. 33.
[90] Committee
Hansard, 14 March 2006, p. 33.
[91] Committee
Hansard, 14 March 2006, p. 69.
[92] Submission
33, p. 3.
[93] Committee
Hansard, 14 March 2006, p. 3.
[94] Submission
7, p. 5.
[95] Submission
7, p. 5.
[96] Submission
21, p. 3.
[97] Submission
18, p. 14.
[98] Submission
18, p. 14.
[99] For example, American Express Australia Limited, Submission 15, pp 2-3; GE Capital Finance Australasia Pty Ltd, Submission 22, p. 1; PayPal Australia
Pty Ltd, Submission 16, pp 1-2;
Securities & Derivatives Industry Association, Submission 31, p. 3; Ms Lisa Claes, ING Direct, Committee Hansard, 14 March 2006, p. 50.
[100] Submission
2, p. 6.
[101] Submission
15A, pp 2 & 3.
[102] Submission
15, p. 3.
[103] Submission
15A, p. 1.
[104] Submission
18, p. 15.
[105] Committee
Hansard, 14 March 2006, p. 73.
[106] Committee
Hansard, 14 March 2006, p. 73.
[107] Committee
Hansard, 14 March 2006, p. 73.
[108] Committee
Hansard, 14 March 2006, p. 49.
[109] Committee
Hansard, 14 March 2006, pp 49-50.
[110] Submission
7, p. 5.
[111] Committee
Hansard, 14 March 2006, p. 17.
[112] Submission
31, pp 3-4.
[113] Submission
27, p. 4.
[114] Committee
Hansard, 14 March 2006, p. 56.
[115] Submission
27, p. 3.
[116] Committee
Hansard, 14 March 2006, p. 58.
[117] Submission
32, p. 1.
[118] Committee
Hansard, 14 March 2006, p. 74.
[119] Committee
Hansard, 14 March 2006, p. 3.
[120] Committee
Hansard, 14 March 2006, p. 56.
[121] Submission
26, pp 9-10.
[122] Submission
27, pp 5-6; Mr Peter Jones, Allens
Arthur Robinson, Committee Hansard,
14 March 2006, pp 57-58.
[123] Submission
26, p. 11; Submission 27, pp 5-6; Mr
Peter Jones, Allens Arthur Robinson, Committee
Hansard, 14 March 2006, pp 57-58.
[124] Submission
21, p. 4.
[125] Committee
Hansard, 14 March 2006, p. 62.
[126] Committee
Hansard, 14 March 2006, p. 62.
[127] Committee
Hansard, 14 March 2006, p. 8.
[128] Submission
18, p. 14.
[129] Submission
17, p. 3.
[130] 'Tipping off' is discussed more fully later in
this report in relation to privacy issues.
[131] Committee
Hansard, 14 March 2006, pp 6-7.
[132] Submission
18, p. 7.
[133] Submission
18, p. 7.
[134] Submission
15, p. 4.
[135] Submission
31, p. 6.
[136] For example, IFSA, Submission 2, p. 7; Suncorp-Metway Limited, Submission 14, p. 3; American Express Australia Limited, Submission 15, p. 4.
[137] Submission27,
p. 7.
[138] Submission
15, p. 4.
[139] Submission
31, p. 8.
[140] Committee
Hansard, 14 March 2006, p. 25.
[141] See, for example, Financial Planning Association
of Australia, Committee Hansard, 14
March 2006, p. 20.
[142] See, for example, Mr Peter Jones, Allens Arthur
Robinson, Committee Hansard, 14 March
2006, p. 57.
[143] Committee
Hansard, 14 March 2006, p. 71.
[144] See, for example, IFSA, Submission 2, p. 4; ING
Direct, Submission 13, p. 3.
[145] Submission
2, p. 4.
[146] Committee
Hansard, 14 March 2006, p. 76.
[147] Committee
Hansard, 14 March 2006, p. 49.
[148] Submission
18, p. 25.
[149] Submission
11A, p. 5.
[150] Submission
2, p. 5.
[151] Submission
2A, p. 4.
[152] Submission
28, p. 4.
[153] Submission
2, p. 6.
[154] Submission
7, p. 3.
[155] Submission
28, p. 8.
[156] Submission
28, p. 5.
[157] Submission
28, p. 5.
[158] Submission
28, p. 5.
[159] Submission
28, p. 6.
[160] Submission
28, p. 6.
[161] Proposed table 2, section 6.
[162] Committee
Hansard, 14 March 2006, p. 23.
[163] Committee
Hansard, 14 March 2006, pp 23-24.
[164] Committee
Hansard, 14 March 2006, pp 25-26.
[165] Committee
Hansard, 14 March 2006, p. 24.
[166] Committee
Hansard, 14 March 2006, p. 24.
[167] Committee
Hansard, 14 March 2006, p. 24.
[168] Committee
Hansard, 14 March 2006, p. 24.
[169] Submission
6, p. 2.
[170] Submission
6, p. 3.
[171] Submission
6, p. 4.
[172] Submission
24, p. 5.
[173] Submission
24, p. 5.
[174] Committee
Hansard, 14 March 2006, p. 17.
[175] Submission
24, p. 5.
[176] Submission
4, p. 5.
[177] Submission
4, p. 6.
[178] Submission
24, p. 5.
[179] Committee
Hansard, 14 March 2006, p. 75.
[180] Submission
30, p. 2.
[181] Submission
11A, p. 3.
[182] Submission
11A, p. 5.
[183] IFSA, Submission
2A, p. 6.
[184] Submission
2A, p. 7.
[185] Submission
2A, p. 8.
[186] Submission
2A, p. 9.
[187] Submission
2A, p. 11.
[188] See Australian Privacy Foundation, Submission 4; Office of the NSW Privacy Commissioner, Submission 5; NSW Council
for Civil Liberties, Submission 10; Office of the Privacy Commissioner, Submission 23.
[189] Submission
4, p. 2; Submission 10, p. 3.
[190] Committee
Hansard, 14 March 2006, p. 31.
[191] Committee
Hansard, 14 March 2006, p. 64.
[192] Submission
33, p. 3.
[193] See, for example, Submission 4, p. 3; Submission 23, p. 7.
[194] Submission
23, pp 7-8.
[195] Submission
23A, p. 1.
[196] Committee
Hansard, 14 March 2006, p. 34.
[197] Committee
Hansard, 14 March 2006, p. 37.
[198] Committee
Hansard, 14 March 2006, p. 69.
[199] Submission
4, p. 5.
[200] OPC, Submission
23, p. 3.
[201] Submission
10, p. 8.
[202] See, for example, Submission 5, pp 2-3; Submission
23, p. 6.
[203] Submission
4, p. 5.
[204] Committee
Hansard, 14 March 2006, p. 4.
[205] Submission
15, p. 4.
[206] Committee
Hansard, 14 March 2006, p. 70.
[207] Submission
33, p. 3.
[208] Submission
4, p. 8.
[209] Submission
4, p. 6.
[210] Submission
5, p. 2
[211] Submission
4, p. 8.
[212] See Submission
4, pp 6-7; Submission 10, pp 6-8; Submission 23, p. 4; Submission 26, pp 8-11; Committee Hansard, 14 March 2006, pp 20, 24-25, and 57.
[213] Submission
4, pp 6-7.
[214] Submission
4, pp 6-7.
[215] Submission
10, p. 8.
[216] Committee
Hansard, 14 March 2006, p. 70.
[217] Committee
Hansard, 14 March 2006, p. 63.
[218] Submission
23, p. 4.
[219] Submission
26, p. 10.
[220] Committee
Hansard, 14 March 2006, p. 11.
[221] Committee
Hansard, 14 March 2006, p. 39.
[222] Submission
10, pp 6-7.
[223] Committee
Hansard, 14 March 2006, p. 62.
[224] Committee
Hansard, 14 March 2006, pp 62-63.
[225] Committee
Hansard, 14 March 2006, p. 30.
[226] Submission
10, p. 6.
[227] Submission
10, p. 7.
[228] Committee
Hansard, 14 March 2006, p. 71.
[229] Committee
Hansard, 14 March 2006, p. 5.
[230] Committee
Hansard, 14 March 2006, pp 8-9.
[231] Committee
Hansard, 14 March 2006, p. 73.
[232] Committee
Hansard, 14 March 2006, p. 30.
[233] See further, Professor John Broome, as quoted in
J. Lewis, 'Cleaning up: Anti-money laundering laws need not spell disaster', Law Society Journal, March 2006, p.
22.
[234] See, for example, Submission 4, p. 10; Submission 10, p. 5; Submission 23, pp 9-11.
[235] Proposed section 5.
[236] Submission
23, pp 9-10.
[237] Submission
23, pp 9-10.
[238] Submission
23, p. 10.
[239] Submission
33, p. 3.
[240] Committee
Hansard, 14 March 2006, p. 81.
[241] See, for example, Submission 4, p. 10; Submission 23, p. 8.
[242] Committee
Hansard, 14 March 2006, p. 81.
[243] Submission
23, pp 5-6.
[244] See section 6D of the Privacy Act 1988; Submission
23, p. 5.
[245] Submission
5, p. 1.
[246] Committee
Hansard, 14 March 2006, p. 9
[247] Committee
Hansard, 14 March 2006, p. 9.
[248] Committee
Hansard, 14 March 2006, p. 46.
[249] Committee
Hansard, 14 March 2006, p. 21.
[250] Submission
23, p. 5; Submission 5, p. 1; Submission 4, p. 13.
[251] Submission
4, p. 13.
[252] Submission
23, p. 8.
[253] Submission
23, pp 8-9.
[254] Committee
Hansard, 14 March 2006, p. 82.
[255] Submission
23, p. 9, referring specifically to
NPP 4.2.
[256] Submission
4, p. 9.
[257] Submission
26, p. 14.
[258] Committee Hansard, 14 March 2006, p. 30.
[259] Committee Hansard, 14 March 2006, p. 31.
[260] Committee Hansard, 14 March 2006, p. 37.
[261] Committee
Hansard, 14 March 2006, p. 37.