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Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2017

2016-2017

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

 

 

Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2017

 

No.      , 2017

 

(Justice)

 

 

 

A Bill for an Act to amend legislation relating to combating money laundering and terrorism financing, and for related purposes

   

   



Contents

1............ Short title............................................................................................. 1

2............ Commencement................................................................................... 1

3............ Schedules............................................................................................ 2

Schedule 1—Amendments                                                                                                 3

Part 1—Objects of Act                                                                                                  3

Anti-Money Laundering and Counter-Terrorism Financing Act 2006              3

Part 2—Digital currencies                                                                                            4

Anti-Money Laundering and Counter-Terrorism Financing Act 2006              4

Part 3—Remittance activities                                                                                   22

Anti-Money Laundering and Counter-Terrorism Financing Act 2006            22

Part 4—Regulatory relief to industry                                                                   23

Anti-Money Laundering and Counter-Terrorism Financing Act 2006            23

Financial Transaction Reports Act 1988                                                              24

Part 5—Investigation and enforcement                                                              26

Anti-Money Laundering and Counter-Terrorism Financing Act 2006            26

Part 6—Revision of definitions                                                                              33

Anti-Money Laundering and Counter-Terrorism Financing Act 2006            33

Part 7—Other regulatory matters                                                                           35

Anti-Money Laundering and Counter-Terrorism Financing Act 2006            35

 

 



A Bill for an Act to amend legislation relating to combating money laundering and terrorism financing, and for related purposes

The Parliament of Australia enacts:

1   Short title

                   This Act is the Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2017 .

2   Commencement

             (1)  Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

 

Commencement information

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

1.  The whole of this Act

A day or days to be fixed by Proclamation.

However, if any of the provisions do not commence within the period of 6 months beginning on the day this Act receives the Royal Assent, they commence on the day after the end of that period.

 

Note:          This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.

             (2)  Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.

3   Schedules

                   Legislation that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.