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Anti-money Laundering Guide for Legal Practitioners

1 April 2016


This guide is designed to provide an overview of the development of the anti-money laundering and counter-terrorism financing (AML/CTF) regime in Australia. The first sections set out the history of the regime and describe some of the obligations and sanctions that apply to reporting entities covered by the AML/CTF Act under Tranche 1.

Lawyers ordinarily engaged in the practice of law in Australia are not reporting entities as such. However, this guide also sets out the obligations to which lawyers are currently subject under various legislative and professional standards including the Australian Solicitors’ Conduct Rules where they may be relevant.

The guide will then outline the possible extension of the AML/CTF regulatory regime to the legal profession under proposed Tranche 2 reforms. This part will include consideration of the potential harmful impact of certain aspects of the regulatory regime on the fundamental issues of client legal privilege and client confidentiality.

 

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