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Australia takes steps to cut-off money laundering and terrorism funding.

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Media Release


Minister for Justice and Customs

Manager of Government Business in the Senate Senator for Western Australia

E124 7/12/06

Australia takes steps to cut-off money laundering and terrorism funding

Australia’s financial sector will have greater protections against money laundering and terrorist financing following today’s passage of the Anti-Money Laundering and Counter-Terrorism Financing Bill 2006, the Minister for Justice and Customs, Senator Chris Ellison said.

“The anti-money laundering and counter-terrorism financing reforms are part of Australia’s continuing efforts to combat terrorism funding and stamp-out money laundering,” he said.

The changes are based on a risk-based approach and have been developed through extensive consultation with industry.

“The risk-based approach to regulation has strong industry support as it means industry can develop and implement systems which most closely respond to their individual needs and which meet their monitoring and reporting obligations,” Senator Ellison said.

The reforms introduce a new regulatory and reporting regime which will expand the amount of information available to the nation’s financial intelligence unit, the Australian Transactions Reports and Analysis Centre (AUSTRAC).

In addition to its enhanced role as a financial intelligence unit, AUSTRAC will now have a significantly expanded role as the national AML/CTF regulator with supervisory, monitoring and enforcement functions over a diverse range of industry sectors. AUSTRAC will also have a major role in educatin and awareness raising providing guidance on AML/CTF compliance for businesses.

“AUSTRAC will continue to seek industry views as it refines the regulatory regime.”

The regulatory regime will be introduced progressively over the next two years to allow business sufficient time to implement the measures.

The legislation will enable Australia to meet the recommended standards issued by the Financial Action Task Force, the international body which develops and promotes policies to fight terrorism and money-laundering.

Further information about the reforms can be found at:

Media inquiries: Matt Francis 6277 7260 0406 052 038