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Text of bill | Explanatory memoranda | Second reading speeches | Proposed amendments | Schedules of amendments | Bills Digest

Bills of previous Parliaments

Although every effort is made to ensure the accuracy of bills homepages, the authoritative sources for verifying the progress of bills are the House of Representatives Votes and Proceedings and the Journals of the Senate.

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

Type
Government
Originating house
House of Representatives
Status
Act
Portfolio
Justice

Summary

Amends the: Anti-Money Laundering and Counter-Terrorism Financing Act 2006 to: expand the objects of the Act to reflect the domestic objectives of anti-money laundering and counter-terrorism financing regulation; expand the scope of the Act to include regulation of digital currency exchange providers; clarify due diligence obligations relating to correspondent banking relationships and broaden the scope of these relationships; qualify the term ‘in the course of carrying on a business’; allow related bodies corporate to share information; expand the range of regulatory offences for which the AUSTRAC Chief Executive Officer (CEO) is able to issue infringement notices; allow the CEO to issue a remedial direction to a reporting entity to retrospectively comply with an obligation that has been breached; give police and customs officers broader powers to search and seize physical currency and bearer negotiable instruments and establish civil penalties for failing to comply with questioning and search powers; revise certain definitions; and clarify certain powers and obligations of the CEO; and Anti-Money Laundering and Counter-Terrorism Financing Act 2006 and Financial Transaction Reports Act 1988 to de-regulate the cash-in-transit sector, insurance intermediaries and general insurance providers.

Progress of bill

For committee reference information, please see the Notes section at the end of this page.

House of Representatives
Introduced and read a first time 17/08/17  
Second reading moved 17/08/17  
Second reading debate 24/10/17  
Referred to Federation Chamber 24/10/17  
Second reading debate 05/12/17  
Second reading agreed to 05/12/17  
Consideration in detail debate 05/12/17 Amendment details: 3 Government agreed to
Reported from Federation Chamber 06/12/17  
Third reading agreed to 06/12/17  
     
Senate
Introduced and read a first time 07/12/17  
Second reading moved 07/12/17  
Second reading debate 07/12/17  
Second reading agreed to 07/12/17  
Third reading agreed to 07/12/17  
     
Finally passed both Houses 07/12/17  
Assent 13/12/17 Act no: 130 - Year: 2017
     

[Information on document types]

Text of bill

  • First reading

MS-Word PDF HTML
  • Third reading

MS-Word PDF HTML
  • As passed by both Houses

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Explanatory memoranda

  • Explanatory memorandum

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  • Supplementary explanatory memorandum

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  • Revised explanatory memorandum

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Second reading speeches


Proposed amendments

House of Representatives
  • Government [ZA448]

 MS-Word PDF HTML

Schedules of amendments

  • Schedule of the amendments agreed to by the Federation Chamber

MS-Word PDF HTML

Bills Digest



Notes
  • Referred to Committee (17/08/2017): Senate Legal and Constitutional Affairs Legislation Committee; Committee report (16/10/2017)
  • An electronic version of this Act is available on the Federal Register of Legislation (www.legislation.gov.au)