On 29 November 2024, Parliament passed the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Amendment Bill, amending the AML/CTF Act 2006. The new laws reform Australia’s AML/CTF regime to ensure that we can more effectively deter, detect and disrupt crimes like money laundering, terrorism financing and proliferation financing.
To support the reforms, AUSTRAC is updating the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No.1), often referred to as ‘the Rules’. These are subsidiary legislative instruments that provide detailed information in relation to specific requirements under the AML/CTF Act.
The consultation period for this first exposure draft of the new Rules is open from 11 December 2024 to 14 February 2025.
Consultation on the second exposure draft of the Rules will open in early 2025.
Find out more here.