Footnotes

[1] p. 1.

[2] p. 1.

[3] The FATF Recommendations on AML are available at http://www.fatf-gafi.org/document/28/0,2340,en_32250379_32236930_33658140_1_1_1_1,00.html#40recs. The Special Recommendations on Terrorist Financing are available at http://www.fatf-gafi.org/document/9/0,2340,en_32250379_32236920_34032073_1_1_1_1,00.html. Also see Senate Legal and Constitutional Legislation Committee, Exposure Draft of the Anti-Money Laundering and Counter-Terrorism Financing Bill 2005, April 2006, Chapter 1.

[4] EM, p. 1.

[5] EM, p. 1.

[6] See Senator The Hon. Eric Abetz, Minister for Fisheries, Forestry and Conservation, Second Reading Speech, Senate Hansard, 21 June 2006, p. 2; and Attorney-General's Department's Anti-Money Laundering Reform Online at http://www.ag.gov.au/agd/WWW/agdhome.nsf/Page/RWP8B2E91AF7CF4CFCACA2570C900112F4C, and in particular the Background to the AML/CTF Reform Process at http://www.ag.gov.au/agd/WWW/agdhome.nsf/AllDocs/A6CEBB2B6C809A1CCA2571A3000984A9?OpenDocument. A copy of the revised exposure draft of the AML/CTF Bill 2006, released on 13 July 2006, is available at http://www.ag.gov.au/agd/WWW/rwpattach.nsf/VAP/(85861BE64F280B2D8725056734D25146)~Revised+exposure+draft+Bill+2006.PDF/$file/Revised+exposure+draft+Bill+2006.PDF.

[7] EM, p. 1.

[8]     p. 2.

[9] p. 3.

[10] EM, p. 4.

[11] EM, p. 4.

[12] pp. 4-5.

[13] p. 5.

[14] EM, p. 5.

[15] p. 5.

[16] EM, p. 5.

[17]   EM, p. 5.

[18] See GE Money, Submission 1; Allens Arthur Robinson, Submission 3; Liberty Victoria, Submission 4; Australian Bankers' Association, Submission 5; Australian Prudential Regulation Authority, Submission 7.

[19] A copy of the revised draft of the AML/CTF Bill, released 13 July 2006, is available at http://www.ag.gov.au/agd/WWW/rwpattach.nsf/VAP/(85861BE64F280B2D8725056734D25146)~Revised+exposure+draft+Bill+2006.PDF/$file/Revised+exposure+draft+Bill+2006.PDF.

[20] The committee notes that Division 3A does not take effect until 14 December 2006.

[21] See Senate Legal and Constitutional Legislation Committee, Inquiry into the Exposure Draft of the Anti-Money Laundering and Counter-Terrorism Financing Bill 2005, 13 April 2006. Attorney-General's Department, Submission 6, answers to questions on notice, pp 1-2.

[22] Submission 6, p. 1.

[23] Submission 6, p. 1.

[24] Submission 6, p. 1.

[25] Submission 6, p. 1.

[26] EM, p. 4.  Section 3(1) of the FTR Act defines 'account' as: any facility or arrangement by which a cash dealer does any of the following: (a) accepts deposits of currency; (b) allows withdrawals of currency; (c) pays cheques or payment orders drawn on the cash dealer by, or collects cheques or payment orders on behalf of, a person other than the cash dealer; and includes any facility or arrangement for a safety deposit box or for any other form of safe deposit, but does not include an arrangement for a loan that sets out the amounts and times of advances and repayments, being amounts and times from which the borrower and lender may not depart during the term of the loan.

Section 40C of the FTR Act defines 'account' for the purposes of Part VIA of the Act as: any facility or arrangement through which a financial institution accepts deposits or allows withdrawals, and includes a facility or arrangement for: (a) an interest bearing deposit lodged for a fixed period; and (b) a safety deposit box.

[27] Submission 6, p. 1.

[28] Submission 6A, p. 1.

[29] Submission 5, p. 2.

[30] Submission 5, p. 2.

[31] Submission 5, pp 2-3.

[32] Submission 6, p. 8.

[33] Submission 6, p. 8.

[34] Submission 5, pp 3-4.

[35] Submission 3¸ p. 6.

[36] p. 5.

[37] p. 5.

[38] Submission 3, p. 5.

[39] Submission 3, p. 4.

[40] Subsections 67(c) and (d) of the revised draft of the AML/CTF Bill provide that the full originator information for a funds transfer instruction includes: (c) if the money is to be transferred from an account held by the originating entity—the account number; and (d) if the money is not to be transferred from an account held by the originating entity—a unique reference number for the transfer.

[41] Submission 3, p. 5.

[42] Submission 5, p. 4.

[43] Submission 6, p. 5.

[44] Submission 6, p. 5.

[45] Submission 6, p. 6.

[46] Submission 3, p. 6.

[47] EM, p. 5.

[48] Submission 3, p. 6.

[49] Submission 6, p. 7.

[50] p. 4.

[51] p. 5.

[52] Submission 6, p. 1.

[53] Submission 6A, Attachment A, p. 2.

[54] Submission 6A, p. 2.

[55] Submission 3, pp 2-3.

[56] Submission 6, p. 2.

[57] Submission 5, p. 6.

[58] Submission 5, pp 3-4.

[59] Submission 5, p. 3.

[60] Submission 6, p. 4.

[61] Submission 6, p. 4.

[62] Submission 1, p. 3; Submission 3, p. 2.

[63] FTR Act, section 3.

[64] Submission 3, p. 3.

[65] Submission 3, p. 2, emphasis in original.

[66] Submission 6, p. 4.

[67] Submission 1, p. 3.

[68] Submission 1, p. 3.

[69] Submission 6, p. 4.

[70] Submission 5, p. 5.

[71] Submission 6, p. 5.

[72] Submission 6, p. 6.

[73] Submission 4.

[74] See Senate Legal and Constitutional Legislation Committee, Exposure Draft of the Anti-Money Laundering and Counter-Terrorism Financing Bill 2005, April 2006.

[75] Senate Legal and Constitutional Legislation Committee, Exposure Draft of the Anti-Money Laundering and Counter-Terrorism Financing Bill 2005, April 2006, pp 15 – 20.

[76] Senate Legal and Constitutional Legislation Committee, Exposure Draft of the Anti-Money Laundering and Counter-Terrorism Financing Bill 2005, April 2006, p. 59.

[77] Submission 5, p. 6.

[78] Senate Legal and Constitutional Legislation Committee, Exposure Draft of the Anti-Money Laundering and Counter-Terrorism Financing Bill 2005, April 2006, pp 68-69.

[79] Submission 3, p. 6.

[80]   Submission 6, p. 7.