AUSTRAC Industry Contribution: Second Stakeholder Consultation Discussion Paper
The Law Council of Australia provided a response to the AUSTRAC Industry Contribution: Second Stakeholder Consultation Paper of 25 September 2014.
The paper seeks views on the final form of the replacement of the cost recovery arrangements administered by AUSTRAC (known as the AUSTRAC Supervisory Levy) with an Industry Contribution Levy to fund AUSTRAC’s regulatory and financial intelligence functions. The new model comprises two components: one based on the earnings of the reporting entity; and one based on the volume of transactions reported.
The Law Council strongly opposes all forms of financial criminality and is committed to ensuring Australian legal practitioners are:
- aware of their professional, ethical and legal obligations, including in relation to the AntiMoney Laundering and the Counter- Terrorism Financing Regime1 (AML and CTF Regime);
- properly informed of proactive risk management measures specific to money laundering (ML) and the financing of terrorism (TF) that fortify Australian legal practices against unwitting involvement in acts of ML or TF; and
- provided with practical guidance about their role in combatting and where possible preventing money laundering and the financing of terrorism while respecting their unique function within the Australian system of justice.2
Read the full submission below.
1 Note: The term AML/CTF Regime’ the same meaning in this paper as was assigned to it during the Statutory Review conducted in 2014 by the Attorney General Department and the AUSTRAC- that is the Anti- Money Laundering and Counter- Terrorism Act 2006, the Anti- Money Laundering and Counter- Terrorism Regulations 2008 and the Anti- Money Laundering and Counter- Terrorism Rules are collectively referred to as the AML/CTF regime.
2 A statement of the relevant principles including for example the need to preserve the confidentiality of all communications between a lawyer and client and others, is contained in the United Nations, Office of the High Commissioner for Human Rights Basic Principles on the Role of Lawyers adopted by Australia at the Eighth United Nations Congress on the Prevention of Crime and the Treatment of Offenders, Havana, Cuba 27 August to 7 September 1990 available at: http://www.ohchr.org/EN/ProfessionalInterest/Pages/RoleOfLawyers.aspx
Last Updated on 24/03/2025