(This article appears courtesy of International Financial Law Review, sign up for a free trial on their site)
The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 is now law in Australia. The Act’s broad and complex obligations can apply easily to overseas entities undertaking even minimal activities in Australia as well as to Australian entities’ overseas activities.
First, some background on the Act and a brief explanation of what it requires entities to do.
The Act received Royal Assent on December 12 2006 after a period of public consultation (the related Anti-Money Laundering and Counter-Terrorism Financing (Transitional Provisions and Consequential Amendments) Act 2006 was also assented to on the same day).
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