The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) received Royal Assent on 12 December 2006.
The AML/CTF Act imposes a number of obligations on “Reporting Entities” in order to identify ML/TF, and to regularly report to AUSTRAC. Reporting Entities under the AML/CTF Act are people who provide “Designated Services”.
The Anti-Money Laundering and Counter-Terrorism Financing Rules (AML/CTF Rules) are contained in the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 1). The AML/CTF Rules supports the AML/CTF Act by, for example, clarifying the obligations of Reporting Entities and providing exemptions to the legislation. The AML/CTF Act and the AML/CTF Rules together implement …show more content…
Instead lawyers are subject to stringent requirements prescribed by the regulatory regime of the legal profession legislation and rules of professional conduct. Through compliance with lawyers’ existing obligations, the risks of becoming inadvertently involved in money laundering or the financing of terrorism may be largely addressed.”
That said, it is useful to note here that, subject to limited exceptions, services provided by lawyers that may constitute Designated Services include loans or the provision of certain services as the holder of an Australian Financial Services Licence (Items 6 and 7 of Table 1 and Item 54 of Table 1 of section 6 of the AML/CTF Act respectively).
An example of an exception is in Chapter 23 of the AML/CTF Rules that specifies that persons who provide a remittance service in the course of carrying out a “law practice” are not captured by the definition of a “designated remittance arrangement” in the AML/CTF Act and are therefore exempted from the obligations placed on remittance providers under the
The AML/CTF Act imposes a number of obligations on “Reporting Entities” in order to identify ML/TF, and to regularly report to AUSTRAC. Reporting Entities under the AML/CTF Act are people who provide “Designated Services”.
The Anti-Money Laundering and Counter-Terrorism Financing Rules (AML/CTF Rules) are contained in the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 1). The AML/CTF Rules supports the AML/CTF Act by, for example, clarifying the obligations of Reporting Entities and providing exemptions to the legislation. The AML/CTF Act and the AML/CTF Rules together implement …show more content…
Instead lawyers are subject to stringent requirements prescribed by the regulatory regime of the legal profession legislation and rules of professional conduct. Through compliance with lawyers’ existing obligations, the risks of becoming inadvertently involved in money laundering or the financing of terrorism may be largely addressed.”
That said, it is useful to note here that, subject to limited exceptions, services provided by lawyers that may constitute Designated Services include loans or the provision of certain services as the holder of an Australian Financial Services Licence (Items 6 and 7 of Table 1 and Item 54 of Table 1 of section 6 of the AML/CTF Act respectively).
An example of an exception is in Chapter 23 of the AML/CTF Rules that specifies that persons who provide a remittance service in the course of carrying out a “law practice” are not captured by the definition of a “designated remittance arrangement” in the AML/CTF Act and are therefore exempted from the obligations placed on remittance providers under the