The latest in a number of meetings between the Institute and government took place in May. These discussions are helping to shape the second tranche of anti-money laundering legislation, which should be released later this year.  
 
Attendees included the Hon Bob Debus, Minister for Home Affairs, as well as representatives from the Attorney General’s Department and The Australian Transaction Reports and Analysis Centre (AUSTRAC). 
 
Which services will be subject to obligations? 
At present, the dialogue surrounds exactly which accounting services will be subject to new obligations under the legislation as well as what compliance obligations will apply. The Institute supports the purpose of the legislation (to combat criminal and terrorist activity) but wants to ensure that only services which may present a risk will carry obligations.  
 
The Institute’s concerns are being addressed 
At the meeting, the Minister confirmed that the issues the Institute had raised previously will be addressed in the next draft of legislation. This should see the terms narrowed, to only capture services that may present a money laundering or terrorism financing risk. 
 
A summary of the points the Institute asked to be addressed, can be read here.  
 
The Institute is following this up with government 
The Institute has proposed a series of meetings with government specifically to discuss the type, nature and complexity of the services Chartered Accountants provide, to ensure that the compliance obligations in the second tranche can be met by accounting practices.  
 
When will the legislation be finalised? 
There is no date yet for the final legislation. However, the Minister has indicated that the draft Bill will be released for comment towards the end of the year. 
 
When the second tranche of legislation is finalised, the Institute will provide comprehensive support to help members meet their compliance obligations.  
 
What about the first tranche legislation? 
The first tranche legislation, which was introduced in December 2006, was principally aimed at the financial services industry. The Institute has been consulting with government in relation to issues raised by members who are first tranche reporting entities. These are now being considered for possible amendments to the first tranche AML/CTF rules.  
 
An outline of services that are subject to reporting obligations under the first tranche, and what those obligations are, can be read here. 
 
Relevant links:

• The Institute: anti-money laundering web page
• The Institute: what can members expect to see in the new legislation?