Summary
Introduced with the Anti-Money Laundering and Counter-Terrorism Financing (Transitional Provisions and Consequential Amendments) Bill 2006, the bill: implements record keeping, reporting and compliance reforms applying to the financial and gambling sectors, and bullion dealers, lawyers and accountants providing financial services, to provide a framework to counter money laundering and terrorism financing in Australia; and extends the current regulatory regime imposed by the
Financial Transaction Reports Act 1988
.