The Australian Government introduces legislation that will transform the country’s approach to combating financial crime

A key development in the long-awaited second tranche of reforms to Australia’s anti-money laundering/counter terrorism financing (AML/CTF) regime just happened: The Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024 was introduced into Australia’s Parliament.

The Bill’s main objectives are to expand the AML/CTF regime to lawyers, accountants, trust and company service providers, real estate professionals and dealers in precious metals and stones. It also modernises the regulation of virtual assets and payments technology, and addresses the increasing use of digital currencies and virtual asset service providers. Finally, it reduces regulatory burdens and increases flexibility for businesses by streamlining compliance processes. The hope is this will improve business’ ability to prevent and detect financial crime.