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.
The consultation paper for lawyers can be downloaded here
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:
- 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
- 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.