The Commonwealth Government is introducing changes to Australia’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) legislation so that it will apply to gatekeeper professions, and it appears this will include legal practitioners performing certain services.

A bill is likely to be introduced this year, with commencement likely in 2025. Although the changes to the AML/CTF Act have not yet been settled, we anticipate that they will capture practitioners providing a 'designated service' as defined by the amended legislation.

Practitioners providing a designated service are likely to have regulatory obligations imposed by AUSTRAC, such as conducting ‘know your client’ checks and developing and maintaining an AML/CTF compliance program within their practice.

The Law Society is working hard with the Law Council to ensure any new obligations are as practical as possible, and will continue to keep the NSW profession informed as it becomes aware of further relevant information.