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Australia’s Enhanced Anti-money Laundering and Counter-terrorism Financing Regime: New Compliance Challenges for the Financial Services Industry

Marc Posthouwer, BA, LLB, M Phil (Hons), Dip Media Law (Melb), lectures in the School of Law, Victoria University, Melbourne. His areas of teaching and research include Finance and Banking law, and Intellectual Property Law.

As part of the effort to combat money laundering and the financing of terrorism, Australia’s anti-money laundering (AML) and counter terrorism financing (CTF) regime has been the subject of a series of legislative enhancements resulting from recent amendments to the foundational AML legislation, the Financial Transaction Reports Act 1988 (Cth) (FTR Act), and the introduction of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) that presents new compliance challenges for the financial services industry and poses questions about its impact on privacy and other rights of consumers of financial and related services.

(2007) 25 No 2 Law in Context 160

   
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