Previous Editions of Money Laundering Intelligence:
Please feel free to download and read previous editions of Money Laundering Intelligence from this page. Please bear in mind however that the information contained within them will be dated and may no longer be accurate.
December 2006
Industry waits for rules as bill passes
The AML/CTF bill has passed through parliament, but there is plenty of evidence that debate has not ended and reforms will continue. Read The Full Story >>
The rules: industry will have to get used to ‘evolution’
While the AML/CTF laws have successfully passed through parliament, many banks and financial institutions are still scratching their heads about how they should comply with the new laws. Read The Full Story >>
November 2006
Bill introduces $11m fines for AML breaches
After three years of endless discussion, Australia’s AML/CTF Bill has finally found its way into parliament – and the penalties are tough. Read The Full story >>
Rise in transaction reports raises privacy advocates’ suspicions
A read through the Australian Privacy Foundation’s submission to the Attorney General and Austrac – submitted during the second consultation period – gives a pretty good sense of the contempt privacy campaigners hold for the AML/CTF bill and the suspicious activity reports process which supports it. Read the full story >>
October 2006
Banks ‘Want years’ for AML transition
There are banks lobbying for as much as four years for the AML/CTF reforms to come into force. The government is unlikely to agree. Read the full story >>
NatWest case stretches credulity
A lawsuit brought by victims of suicide bombings in Israel, alleging that British bank NatWest knowingly provided services to a charity linked to militant Islamic group Hamas, is ringing alarm bells with banking lawyers. Read on >>
September 2006
Wickenby net descends upon the rich and famous
A scientist, a boxer, entertainers, lawyers and businessmen have all been linked to the Wickenby investigation, which continues to gather pace. Read on >>
Instant freezing is a tip-Off like no other
Entities’ obligation to freeze accounts on instant suspicion is legally wrong and unworkable, says Joy Geary. Read on >>
August 2006
Industry gives nod to improved draft
Australia’s financial services industry has been presented with the risk-based regime it wanted, but will it be able to handle the responsibility of DIY compliance? Read on >>
Confidentiality still a sticky point
There is one area in the redrafted bill which looks as if it will run and run. The very difficult point of legal privilege. Despite strong submissions from the Law Council of Australia to the government, there is no sign of it being resolved any time soon. Read the full story >>
July 2006
NZ’s second round of consultation gets under way
Wellington: As Australian practitioners await the government’s second round of consultation on the AML draft bill, New Zealand got its second round under way, releasing a discussion document to industry which will aid the country in conforming to the Financial Action Task Force recommendations. Read on >>
File and forget: a practice entities may regret.
The A-G’s Department says that when an SAR is filed it should be forgotten. Yet this runs counter to good practice and common sense, says Joy Geary. Read the full story >>
June 2006
Consultation delay to fine-tune draft:
The second consultation period on the government’s anti-money laundering reform package has been delayed until mid June to enable greater consideration of the views of industry and a Senate committee investigating the area. Read the full story >>
Barclays ruling puts UK banks on alert:
London: The UK tax authorities have strengthened their hand in fighting tax evasion by winning a court order to obtain details of offshore bank accounts. Read the full story >>
May 2006
Industries continue to seek exemptions:
After pressure mostly from the accountancy profession, the government last month agreed to review the definitions of designated services within the draft anti-money laundering bill to ensure they did not capture activities that were broader than those initially stipulated by the Financial Action Task Force in October. Read the full story >>
BDW finds cracks of logic in the laws:
Two of Blake Dawson Waldron’s anti-money laundering team gave a detailed review of the draft money laundering laws last month, including criticism of the know-your-customer procedures and the lack of guidance on how to implement a risk-based compliance program. Read More >
April 2006
Ellison: no extension to consultation period:
The financial services and legal community has indicated its disappointment with the Justice Minister’s comments that the public consultation period for the government’s new anti-money laundering legislation will not be extended past the 13 April deadline. Read The Full Story >>
March 2006
Law Council seeks opt-out for lawyers
Disquiet as queries mount on ID verification
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the edition as a pdf (273kb)
February 2006
Draft legislation "catches entities unaware"
ABN Amro’s annus horribilis won’t let up
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the edition as a pdf (270kb)
December/January 2005/6
Draft anti-terror bill puts sector in spin
Money talks so the big bank walks
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the edition as a pdf (169kb)
November 2005
Industry baulks at cost of compliance
US weapons of mass coercion
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the ediition as a pdf (178kb)
