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Monday, 3 November 2003
Page: 21888

Mr McClelland asked the Minister representing the Minister for Justice and Customs, upon notice, on 9 September 2003:

(1) Has the Government commenced consultations with the private sector on the revised Forty Recommendations of the Financial Action Task Force on Money Laundering; if so, which organisations has the Government consulted in relation to new obligations on (a) financial institutions, (b) casinos, (c) real estate agents, (d) dealers in precious metals, (e) dealers in precious stones, (f) lawyers, notaries, other independent legal professionals and accountants, and (g) trust and company service providers.

(2) What other steps is the Government taking to implement the revised Forty Recommendations.

Mr Ruddock (Attorney-General) —The Minister for Justice and Customs has provided the following answer to the honourable member's question:

(1) Yes. The Government conducted preliminary consultation with the private sector during 2002-03 during the review of the Forty Recommendations by the Financial Action Task Force on Money Laundering (FATF). The organisations consulted were:

ABN AMRO Morgans Limited

American Express International, Inc

AMP Limited

Argyle Diamonds

Australasian Institute of Banking & Finance

Australia and New Zealand Banking Group Limited

Australian Antique Dealers Association

Australian Association of Permanent Building Societies

Australian Bankers' Association

Australian Business Limited

Australian Casino Association

Australian Chamber of Commerce and Industry

Australian Commercial Galleries Association Incorporated

Australian Finance Conference Limited

Australian Financial Markets Association

Australian Financial Operations Association

Australian Stock Exchange Limited

Bendigo Bank

BNP Paribas Australia

Business Council of Australia


CPA Australia

Credit Suisse First Boston

Credit Suisse Asset Management

Credit Union Services Corporation (Australia) Limited

Colonial First State Investments Limited

Commonwealth Bank of Australia

Deloitte Touche Tohmatsu

Deutsche Bank

Ernst & Young

Financial Planning Association of Australia

ING Bank

Institute of Chartered Accountants in Australia

International Banks and Securities Association of Australia

Insurance Council of Australia

INVESCO Australia

Investment and Financial Services Association Limited

IOOF Investment Management

IPAC Investment Management


JP Morgan

KPMG Australia

Law Council of Australia

Macquarie Bank Limited

MLCNational Australia Bank Limited

National Institute of Accountants

Notaries Society of South Australia

Ord Minnett

PricewaterhouseCoopersReal Estate Institute of Australia

St George Bank Ltd

Salomon Smith Barney

Securities and Derivatives Industry Association

Small Business Association of Australia

Suncorp-Metway Ltd

Sydney Futures Exchange

Travelex plc

Vanguard Investments Australia Limited

Western Union

Westpac Banking Corporation

In addition, the Minister for Justice and Customs has met with financial sector industry representatives to discuss a process for industry consultation and input in implementing the revised Forty Recommendations.

(2) The Government will consider implementation of the revised FATF Forty Recommendations as part of its review of Australia's anti-money laundering system. All affected industry sectors will be consulted.