Proposed regulation of high-value dealers
Following the report delivered to Parliament by the Minister for Justice, the Honourable Michael Keenan MP on 29 April 2016, which released the findings of a major review of Australia’s Anti-Money Laundering and Counter Terrorism Financing Act 2006 and associated Rules and Regulations (AML/CTF regime) the JAA issued a final call for submissions to the consultation papers released by the Attorney-General's Department.
The report contains 84 recommendations to streamline and strengthen Australia’s anti-money laundering and counter-terrorism financing regime, and includes a commitment that industry will be closely consulted on the design of the reforms.
The plan proposes that the AML/CTF reforms will proceed in two phases – Phase 1 will include priority projects scheduled for completion in 2017, while Phase 2 will progress major, longer-term reforms. The consultation, design and final implementation for these reforms will continue through to 2019.
Obligations for business who provide services that pose ML/TF risks may come into effect. The Government is committed to implementing any proposed reforms to the AML/CTF regime in an efficient way that minimises impact on industry and avoids regulatory fatigue.
More information to come after the submissions from the 25 January deadlines are complied.