Update on anti-money laundering
In April 2016, the Commonwealth released a report of the Statutory Review of Australia’s Anti-Money Laundering and Counter- Terrorism Financing regime. Recommendation 4.6 of the Report urges the Government to regulate designated non financial businesses and professions, such as the legal profession. A Consultation Paper purporting to seek to develop a suitable regulatory model is expected to be publicly released for a brief period - expected to end mid January, following which the model will be ‘costed'. The Law Council has formed an AML Task Force to address the Consultation. The topic is for discussion at the upcoming November Directors’ meeting.