Attorney-General's update on AML/CTF

In his speech on 1 April, the Attorney-General indicated the Goverrnment is balancing the need for the second tranche of reforms (to extend the existing AML/CTF Act to services provided by a range of businesses and professions, including accountants, lawyers, real estate agents and jewellers) against the very immediate needs of business in the current financial climate.

He said"the global financial crisis increases the risk of this type of activity but it has to be balanced against concerns industry may have regarding compliance."

It will be interesting to see whether the second tranche is postponed.