Michaelia Cash (WA, Liberal Party, Minister for Employment, Skills, Small and Family Business) Share this | Hansard source

As I indicated in my summing-up speech, the government will also not be supporting the amendment moved by Senator Kim on behalf of the Australian Greens. The Australian government, as I've stated, is committed to continually improving Australia's anti-money-laundering and counterterrorism financing regime and working with industry to ensure that Australia's financial system is hardened against criminals and terrorists without placing an undue regulatory burden on industry. Expanding the existing regime, as Senator McKim proposes, to lawyers, accountants and real estate agents would capture as many as an additional 100,000 businesses, and the majority of these businesses are identified as small businesses, sole traders or sole practitioners. If an extension were to occur, it would need to be done in a careful and considered way and with those affected industries fully consulted. But it would also have a significant resourcing impact on the regulator, AUSTRAC.

As I stated in my summing-up speech, the government has stated there will be further phases of anti-money-laundering and counterterrorism financing reforms. These will be tailored, and they will also be appropriate in the Australian context. Again, I just want to confirm for the benefit of the Hansard record that this was obviously looked at by the Legal and Constitutional Affairs Legislation Committee in detail, and I am pleased yet again to advise the Senate that the committee did unanimously make one recommendation: the committee recommends that the Senate pass the bill without amendment.