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Additional comments by the Australian Labor Party
1.1
Labor Senators support the majority report and endorse its recommendations.
However Labor Senators wish to make additional comments in relation to the scrutiny
of the operations of AUSTRAC.
1.2
The Bill establishes significant new powers for AUSTRAC and the AUSTRAC
CEO. In particular, it gives AUSTRAC a new regulatory role in relation to
reporting entities and the registration of designated remittance service
providers.
1.3
Labor Senators consider that it is crucial that a body which exercises
such extensive powers is subject to independent oversight. The need for
independent scrutiny is made even more acute by the inherent potential for
corruption where a body is tasked with combating money laundering.
1.4
The Australian Commission for Law Enforcement Integrity has been
designed specifically to detect and investigate corruption within federal law
enforcement agencies. Labor Senators consider that, once it is established,
the Commission would be an appropriate body to perform this oversight role.
Additional Recommendation 1
1.5
Labor Senators recommend that AUSTRAC be subject to oversight by the
Australian Commission for Law Enforcement Integrity upon its establishment.
Senator Patricia
Crossin Senator Linda
Kirk
Deputy Chair
Senator Joseph
Ludwig
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