SCOPE OF AUSTRALIA’S AML/CFT REGIME TO BE WIDENED FOR DNFBP?

On 2 May, Herbert Smith Freehills published an article about Australia’s proposed AML/CTF regulation, which it says is likely to cause an increase in the regulatory and reporting requirements of the gatekeeper professions in addition to the upfront and ongoing costs of set up and maintenance.  A Senate Report has recommended that the Federal Government take immediate action to enact AML/CFT legislation regulating the DNFBP sector to address the significant costs for Australia of transnational serious organised crime.

https://www.herbertsmithfreehills.com/latest-thinking/scope-of-australia%E2%80%99s-anti-money-laundering-and-counter-terrorism-financing-regime-to

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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