AUSTRAC announces the launch of Public Legal Interpretation series
8 April 2008
AUSTRAC has today announced the launch of a series of new publications which interpret the legislation that underpins Australia's anti-money laundering and counter-terrorism financing (AML/CTF) reforms.
The purpose of the new Public Legal Interpretation series is to help AUSTRAC's reporting entities better understand their obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act). The AML/CTF Act came into effect in December 2006 and introduced significant AML/CTF reforms and greater regulatory powers for AUSTRAC.
AUSTRAC's Chief Executive Officer, Neil Jensen says, 'As Australia's AML/CTF regulator, AUSTRAC has views on the legal meaning and effect of various provisions of the legislation we administer, which also includes the Financial Transaction Reports Act 1988. We will publish these interpretations in this new series to help address some of the more complex questions that are arising for reporting entities.'
The Public Legal Interpretation series will complement other resources developed for reporting entities by the agency, including the AUSTRAC Regulatory Guide, Self Assessment Questionnaire, online learning materials, guidance notes and frequently asked questions (FAQs).
'Together, these resources form an important part of the education program we have been providing since the AML/CTF program was introduced', says Mr Jensen. 'AUSTRAC is committed to working together with reporting entities as the AML/CTF Act is implemented. By providing practical tools such as these interpretations, we hope to encourage a spirit of voluntary compliance for reporting entities.'
The Establishment of the AUSTRAC Public Legal Interpretations (Public Legal Interpretation No. 1) released today, introduces the publication series and outlines its purpose and legal authority. A further six publications will be released throughout 2008 covering the following topics:
- registration as an 'alternative remittance' provider
- Australian financial services licence holders
- what constitutes a reporting entity
- access to AUSTRAC information
- suspect transactions and suspicious matter reports
- threshold transactions.
Topics for the 2009 Public Legal Interpretation series will be finalised following consultation with key stakeholder groups later on in the year.
The Public Legal Interpretation series and the list of 2008 topics and release dates are available on the website: www.austrac.gov.au/pli.html.
About AUSTRAC:
The Australian Transaction Reports and Analysis Centre (AUSTRAC) fights global crime by protecting the integrity of the Australian financial system. AUSTRAC is a world-renowned and respected financial intelligence unit and is Australia's anti-money laundering and counter-terrorism financing regulator.
Note to editors:
AUSTRAC's Chief Executive Officer Neil Jensen is available for interview
Media enquiries:
Ismene Kongos
Telephone +61 3 8636 0577
Ismene.Kongos@austrac.gov.au
