Chris Ellison (WA, Liberal Party, Minister for Justice and Customs) Share this | Hansard source

Senator O’Brien fails to recognise yet again that the work on security is always a work in progress. It is always work which you are engaged in to make things better and also to meet emerging threats. This exposure draft which we released happened after the evaluation by the financial action task force. The financial action task force issued its report prior to the exposure draft, and I can tell you that we are confident that this bill will meet the requirements of FATF. But one thing we make very clear is that we are not going to bind up the financial sector of this country so that it remains uncompetitive internationally. We are going to approach this issue, which is a complex one, in a balanced fashion.