The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookiesbefore using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Money laundering: Oz's long arm

New legislation will apply to overseas entities with even minimal connection with Australia. Financial institutions around the world need to make sure they don't get hung out to dry by new money laundering rules.

(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). Different aspects of the Act will come into effect on a staggered basis. Some obligations commenced on December 13 2006 and the rest will commence over the next two years. By December 12 2008 the Act will apply in full. The Australian Government has also introduced the Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2007 into Parliament to make a number of amendments to the new Act and other legislation.

The Act provides for significant penalties if breached (for example, up to A$11 million ($8.65

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?