Terms of Reference

The adequacy and efficacy of Australia's anti-money laundering and counter-terrorism (AML/CTF) regime, with particular reference to:

  1. the extent to which the Australian Transaction Reports and Analysis Centre:
    1. responds to and relies upon reporting by designated services, and
    2. identifies emerging problems based on this reporting;
  2. the extent to which Australia’s AML/CTF regulatory arrangements could be strengthened to:
    1. address governance and risk-management weaknesses within designated services, and
    2. identify weaknesses before systemic or large-scale AML/CTF breaches occur;
  3. the effectiveness of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (the Act) to prevent money laundering outside the banking sector;
  4. 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;
  5. Australia’s compliance with the Financial Action Task Force (FATF) recommendations and the Commonwealth Government’s response to:
    1. applicable recommendations in applicable FATF reports, and
    2. the April 2016 Report on the statutory review of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 and associated rules and regulations;
  6. 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;
  7. 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;
  8. the extent to which:
    1. DNFBPs take account of money laundering and terrorism financing risks, and
    2. the existing professional obligations on DNFBPs are compatible with AML/CTF reporting obligations; and
  9. any other related matter.

Committee Secretariat contact:

Committee Secretary
Senate Legal and Constitutional Affairs Committee
PO Box 6100
Parliament House
Canberra ACT 2600

Phone: +61 2 6277 3560