Federal Register of Legislation - Australian Government

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A Bill for an Act to amend the Anti-Money Laundering and Counter-Terrorism Financing Act 2006, and for related purposes
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Registered 10 Feb 2022
Introduced Senate 08 Feb 2022
Table of contents.

2019‑2022

 

The Parliament of the

Commonwealth of Australia

 

THE SENATE

 

 

 

 

Presented and read a first time

 

 

 

 

Anti‑Money Laundering and Counter‑Terrorism Financing Amendment (Increased Financial Transparency) Bill 2022

 

No.      , 2022

 

(Senator McKim)

 

 

 

A Bill for an Act to amend the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006, and for related purposes

  

  


Contents

1............ Short title............................................................................................. 1

2............ Commencement................................................................................... 1

3............ Schedules............................................................................................ 2

Schedule 1—Amendments                                                                                                3

Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006             3

 

 


A Bill for an Act to amend the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006, and for related purposes

The Parliament of Australia enacts:

1  Short title

                   This Act is the Anti‑Money Laundering and Counter‑Terrorism Financing Amendment (Increased Financial Transparency) Act 2022.

2  Commencement

             (1)  Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

 

Commencement information

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

1.  The whole of this Act

The day after this Act receives the Royal Assent.

 

Note:          This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.

             (2)  Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.

3  Schedules

                   Legislation that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

Schedule 1Amendments

  

Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006

1  After section 249

Insert:

249A  Legislation to expand designated services

                   The Minister must, before 30 September 2022, cause to be introduced into the Parliament a Bill for an Act to include in section 6 (definition of designated service) the provision of designated services by professions including but not limited to the following, in order to address the risk of money laundering and terrorism financing:

                     (a)  lawyers;

                     (b)  conveyancers;

                     (c)  accountants;

                     (d)  high‑value dealers;

                     (e)  real estate agents;

                      (f)  trust and company service providers.

249B  Legislation to establish ultimate beneficial ownership register

                   The Minister must, before 30 September 2022, cause to be introduced into the Parliament a Bill for an Act to establish a register that:

                     (a)  contains information about the ultimate beneficial ownership of:

                              (i)  each company and foreign company registered under the Corporations Act 2001; and

                             (ii)  each other legal person or legal arrangement as the Minister considers appropriate; and

                     (b)  is publicly accessible.