Terms of reference:
- the extent to which the Australian Transaction Reports and Analysis Centre:
- responds to and relies upon reporting by designated services, and
- identifies emerging problems based on this reporting;
- the extent to which Australia’s AML/CTF regulatory arrangements could be strengthened to:
- address governance and risk-management weaknesses within designated services, and
- identify weaknesses before systemic or large-scale AML/CTF breaches occur;
- the effectiveness of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (the Act) to prevent money laundering outside the banking sector;
- the attractiveness of Australia as a destination for proceeds of foreign crime and corruption, including evidence of such proceeds in the Australian real estate and other markets since the enactment of the Act;
- Australia’s compliance with the Financial Action Task Force (FATF) recommendations and the Commonwealth Government’s response to:
- applicable recommendations in applicable FATF reports, and
- the April 2016 Report on the statutory review of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 and associated rules and regulations;
- the extent to which adherence with FATF recommendations prevents systemic and reputational risks to Australia, the Australian economy, and Australia’s capacity to access international capital;
- the regulatory impact, costs and benefits of extending AML/CTF reporting obligations to designated non-financial businesses and professions (DNFBPs or ‘gatekeeper professions’), often referred to as ‘Tranche two’ legislation;
- the extent to which:
- DNFBPs take account of money laundering and terrorism financing risks, and
- the existing professional obligations on DNFBPs are compatible with AML/CTF reporting obligations; and
- any other related matter.
The committee may decide not to accept or not to publish material that is not relevant to the inquiry's terms of reference or which reflects adversely on others.
Please note that all documents sent to the inquiry become committee documents upon receipt, and are only made public following a decision of the committee.
On 23 June 2021, the Senate referred the adequacy and efficacy of Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) regime to the Legal and Constitutional Affairs References Committee for inquiry and report by 2 December 2021.
The deadline for submissions to this inquiry is 27 August 2021.