Australia spotlights AML
SYDNEY – Australia is considering substantial reforms to its anti-money laundering and counter-terrorism financing system, according to a December statement by the Australian Transaction Reports and Analysis Centre.
The changes take the form of legislation – the Minister for Justice and Customs, senator Chris Ellison, released an exposure AML/CTF bill and sample AML/CTF rules in mid-December. According to Austrac, the legislative proposals "represent a culmination of an extensive first stage of consultation on the proposed AML/CTF reforms and is a significant further step towards the goal of strengthening Australia's AML/CTF system in line with international standards." The bill is open for public comment
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