Regulation impact statement – Attorney-General’s Department
On 17 August 2017, the Government introduced the Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2017 to Parliament.
The Bill amends the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 and the Financial Transaction Reports Act 1988 to implement the first phase of recommendations arising from the Report on the statutory review of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 and associated Rules and Regulations. The Bill will strengthen and streamline Australia’s money laundering and counter-terrorism financing regime. It will remove a regulatory gap, provide regulatory relief to industry, give police and customs officers broader search and seizure powers at the border and enhance the Australian Transaction Reports and Analysis Centre’s (AUSTRAC) investigation and enforcement powers.
The Attorney-General’s Department prepared and certified a Regulation Impact Statement (RIS). The Office of Best Practice Regulation (OBPR) assessed the RIS as compliant and consistent with best practice.
The RIS estimates the average annual regulatory savings of the proposal to be $36.1 million. The OBPR agreed to this estimate.