Deborah O'Neill (NSW, Australian Labor Party) Share this | Hansard source

I move:

That the following matter be referred to the Legal and Constitutional Affairs References Committee for inquiry and report by 2 December 2021:

The adequacy and efficacy of Australia's anti-money laundering and counter- terrorism financing (AML/CTF) regime, with particular reference to:

(a) the extent to which the Australian Transaction Reports and Analysis Centre:

(i) responds to and relies upon reporting by designated services, and

(ii) identifies emerging problems based on this reporting;

(b) the extent to which Australia's AML/CTF regulatory arrangements could be strengthened to:

(i) address governance and risk-management weaknesses within designated services, and

(ii) identify weaknesses before systemic or large-scale AML/CTF breaches occur;

(c) the effectiveness of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (the Act) to prevent money laundering outside the banking sector;

(d) the attractiveness of Australia as a destination for proceeds of foreign crime and corruption, including evidence of such proceeds in the Australian real estate and other markets since the enactment of the Act;

(e) Australia's compliance with the Financial Action Task Force (FATF) recommendations and the Commonwealth Government's response to:

(i) applicable recommendations in applicable FATF reports, and

(ii) the April 2016 Report on the statutory review of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 and associated rules and regulations;

(f) the extent to which adherence with FATF recommendations prevents systemic and reputational risks to Australia, the Australian economy, and Australia's capacity to access international capital;

(g) the regulatory impact, costs and benefits of extending AML/CTF reporting obligations to designated non-financial businesses and professions (DNFBPs or 'gatekeeper professions'), often referred to as 'Tranche two' legislation;

(h) the extent to which:

(i) DNFBPs take account of money laundering and terrorism financing risks, and

(ii) the existing professional obligations on DNFBPs are compatible with AML/CTF reporting obligations; and

(i) any other related matter.