AML update

The Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill is scheduled for introduction and passage in the next sittings of Commonwealth Parliament (from 5 February to 29 March).

The Bill will amend the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 "in order to maintain the integrity of the legislation and to satisfy Australia’s international obligations to upgrade anti-money laundering and counter-terrorism financing measures".