Anti-Money Laundering and Counter-Terrorism Financing and Other Legislation Amendment Bill 2019

Type
Government
Portfolio
Home Affairs
Originating house
House of Representatives
Status
Before Reps
Parliament no
46

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Summary

Amends the: Anti-Money Laundering and Counter-Terrorism Financing Act 2006 to: expand the circumstances in which reporting entities may rely on customer identification and verification procedures undertaken by a third party; explicitly prohibit reporting entities from providing a designated service if customer identification procedures cannot be performed; prohibit financial institutions from entering into a correspondent banking relationship that permits its accounts to be used by a shell bank; require banks to conduct due diligence assessments before entering, and during, all correspondent banking relationships; and expand exceptions to the prohibition on tipping off to permit reporting entities to share suspicious matter reports and related information with external auditors and foreign members of corporate and designated business groups; Anti-Money Laundering and Counter-Terrorism Financing Act 2006 and Inspector-General of Intelligence and Security Act 1986 to replace existing ‘designated agency’ information sharing provisions (relating to the use and disclosure of AUSTRAC information) with a more general information sharing power; Anti-Money Laundering and Counter-Terrorism Financing Act 2006, Proceeds of Crime Act 2002 and Surveillance Devices Act 2004 to create a single reporting requirement for the cross-border movement of monetary instruments; Criminal Code Act 1995 to: clarify that the existence of one Commonwealth constitutional connector is sufficient to establish an instrument of crime offence; deem money or property provided by undercover law enforcement as part of a controlled operation to be the proceeds of crime for the purposes of prosecution; and provide for transitional arrangements; and Australian Federal Police Act 1979 to create a new offence of dishonestly representing conferral of police awards.

Progress

House of Representatives
Introduced and read a first time 17 Oct 2019
Second reading moved 17 Oct 2019

Documents and transcripts

Text of bill

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Explanatory memoranda

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Proposed amendments

No proposed amendments have been circulated.

Schedules of amendments

No documents at present

Notes

Helpful information

Text of bill

  • First reading: Text of the bill as introduced into the Parliament
  • Third reading: Prepared if the bill is amended by the house in which it was introduced. This version of the bill is then considered by the second house.
  • As passed by both houses: Final text of bill agreed to by both the House of Representatives and the Senate which is presented to the Governor-General for assent.

Explanatory memoranda

  • Explanatory memorandum: Accompanies and provides an explanation of the content of the introduced version (first reading) of the bill.
  • Supplementary explanatory memorandum: Accompanies and explains amendments proposed by the government to the bill.
  • Revised explanatory memorandum: Accompanies and explains the amended version (third reading) of the bill. It supersedes the explanatory memorandum.

Proposed amendments

Circulated by members and senators when they propose to make changes to the bill. For details about the outcome of proposed amendments please refer to either the Votes and Proceedings (House of Representatives) or the Journals (Senate).

Schedules of amendments

Schedules of amendments list amendments agreed to by the second house are communicated to the first house for consideration. Subsequent action by either house may also be included in a schedule.