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AML/CTF Consultation for Lawyers | Tranche 2

Do you have an interest in how lawyers are going to be regulated under Australia’s Anti-Money Laundering & Counter-Terrorist Financing regime? It would appear that Australian lawyers (and accountants, real estate agents, trust & company services providers, and high-value dealers) will finally be subject to AML/CTF Act obligations (or a variation). Yes, this AML/CTF consultation for lawyers means that Tranche 2 is on its way.

The Commonwealth Attorney General’s Department recently released (Saturday, 26th November) a consultation entitled “Options for regulating lawyers, conveyancers, accountants, high-value dealers, real estate agents, and trust and company service providers” under the AML/CTF regime.

https://www.ag.gov.au/Consultations/Pages/amlctf-statutory-review-implementation.aspx

The consultation paper for lawyers can be downloaded here

https://www.ag.gov.au/Consultations/Documents/AML-CTF/legal-practitioners-model-for-regulation.pdf

The consultation period closes 5pm on 31st January 2017.

The basis for the consultation is recommendation 4.6 of the 2016 Statutory Review of the AML/CTF Act 2006 which states that the Attorney-General’s Department and AUSTRAC, in consultation with industry, should:

  1. develop options for regulating lawyers, conveyancers, accountants, high-value dealers, real estate agents and trust and company service providers under the AML/CTF Act, and
  2. conduct a cost-benefit analysis of the regulatory options for regulating lawyers, conveyancers, accountants, high-value dealers, real estate agents and trust and company service providers under the AML/CTF Act.

What is Contained in the Consultation Papers?

The following are considered:

  • What are the benefits of regulation?
  • What are the Money Laundering and Terrorist Financing vulnerabilities?
  • What are the applicable International Standards (Financial Action Task Force)?
  • What existing laws regulate lawyers?
  • What are the current obligations under the AML/CTF regime?
  • How would AML/CTF obligations impact lawyers?
  • How AML/CTF regulation would impact lawyers? and
  • The proposed model for regulation of lawyers.

If you, or your industry body, would like assistance responding Lexcel  has the knowledge and skills, both of the AML/CTF regime and how the professions operate, ensure that your submission is targeted and effective.

Paddy Oliver

poliver@lexcel.com.au