The Commonwealth Government has indicated it may soon be introducing changes to Australia’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) legislation, which are expected to extend the current AML/CTF regime to ‘gatekeeper professions’ – including lawyers who provide a ‘designated service’. ‘Designated services’ will be defined in the amending legislation.

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

In advance of the proposed changes, the Law Society has made available an on demand interactive course that informs practitioners on how they can strengthen their practice against money laundering (ML) and terrorism financing (TF) risks, based on their existing legal and ethical obligations. This self-paced, CPD point claimable course covers what ML and TF are and provides background information regarding the anticipated reforms. The course also provides examples of situations which may indicate that there is ML or TF risk at play, along with suggestions on how to respond in such circumstances.

Access to the course is complimentary.

The Law Society is working hard with the Law Council to ensure any new obligations imposed on solicitors are as practical as possible, and will continue to keep the NSW profession up to date, as more information about the reforms becomes available. We will be updating this hub with the latest developments, resources and publications.

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RESOURCES

Reform Consultation

CURRENT LEGISTLATION

BACKGROUND PAPERS