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<a href="http://www.accessmylibrary.com/article-1G1-170730344/anti-money-laundering-act.html" title="Facts and information about Anti-money Laundering Act--from a 'risk-based approach' to the second wave of AML reforms.(NEWS AND VIEWS)">Anti-money Laundering Act--from a 'risk-based approach' to the second wave of AML reforms.(NEWS AND VIEWS)</a>
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Anti-money Laundering Act--from a 'risk-based approach' to the second wave of AML reforms.(NEWS AND VIEWS)
Australia, as a founding member of the Financial Action Task Force (FATF) (1), was among the first group of countries to be evaluated against the FATF standards. The FATF peer report released in October 2005, found that the then existing legislative framework in Australia was inadequate.
Following the report, the Australian Government legislated the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) with the intention of combating money laundering and the financing of terrorism.
The AML/CTF Act embodies the first tranche of reforms, covering the financial and gambling sectors and bullion dealing. The enactment of the AML/CTF ...
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