Linda Reynolds (WA, Liberal Party, Minister for Defence) Share this | Hansard source

I thank all senators for their contributions to this debate. I also thank the Senate Legal and Constitutional Affairs Legislation Committee for its recommendation that the Crimes Legislation Amendment (Economic Disruption) Bill 2020 be passed without amendments. I note that the addendum to the bill's explanatory memorandum was tabled in the House of Representatives on 10 December last year, which responds to specific concerns raised by both the Senate Committee for the Scrutiny of Bills and the Parliamentary Joint Committee on Human Rights. During debate on the bill, the opposition recommended that the government regulate lawyers, accountants and real estate agents under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. The Australian government is absolutely committed to continually improving Australia's AML and CTF regime and is working with businesses to ensure that Australia's financial system is hardened against criminals and terrorists without placing an undue regulatory burden on industry.

The government is taking a phased approach to reforming this regime. This phased approach allows for effective consultation with stakeholders and staggers the regulatory impact, which will ultimately result in a higher level of compliance by businesses regulated under the regime. Expanding the existing regime to lawyers, accountants and real estate agents would capture as many as 100,000 additional businesses, the majority of which are small businesses, sole traders or practitioners. It would also have a significant resourcing impact on the regulator AUSTRAC, which would need to oversee compliance by all of these businesses. Such an extension must be consulted on in a careful and considered way, with affected industries being fully consulted.

This bill is a significant next step forward in the Morrison government's fight against transnational serious and organised criminal groups. These groups harm our communities, our economy and our nation's security. That is why combating transnational serious and organised crime groups is a key priority for this government. These groups eat away at the heart of our society, mercilessly pursuing profits at the expense of the health, the prosperity and the safety of ordinary Australians. This bill takes the profit out of crime by strengthening money-laundering offences, criminal asset confiscation and controlled operations, ensuring that law enforcement has appropriate powers to cut off the lifeblood of organised crime. I commend this bill to the chamber.

Question agreed to.

Bill read a second time.