Commonwealth Numbered Acts

ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING AMENDMENT ACT 2024 (NO. 110, 2024) - NOTES

No. 110, 2024

Contents

1 Short title

2 Commencement

3 Schedules

Schedule 1--AML/CTF programs and business groups

Anti-Money Laundering and Counter-Terrorism Financing Act 2006

Schedule 2--Customer due diligence

Part 1--Main amendments

Anti-Money Laundering and Counter-Terrorism Financing Act 2006

Part 2--Consequential amendments

Banking Act 1959

Commonwealth Electoral Act 1918

Schedule 3--Regulating additional high-risk services

Part 1--Real estate

Anti-Money Laundering and Counter-Terrorism Financing Act 2006

Part 2--Dealers in precious metals and stones

Anti-Money Laundering and Counter-Terrorism Financing Act 2006

Part 3--Professional services

Anti-Money Laundering and Counter-Terrorism Financing Act 2006

Part 4--Transitional provisions

Schedule 4--Legal professional privilege

Anti-Money Laundering and Counter-Terrorism Financing Act 2006

Schedule 5--Tipping off offence and disclosure of AUSTRAC information to foreign countries or agencies

Part 1--Main amendments

Division 1--Tipping off offence

Anti-Money Laundering and Counter-Terrorism Financing Act 2006

Division 2--Disclosure of AUSTRAC information to foreign countries or agencies

Anti-Money Laundering and Counter-Terrorism Financing Act 2006

Part 2--Contingent amendments

Intelligence Services Legislation Amendment Act 2024

Schedule 6--Services relating to virtual assets

Part 1--Main amendments

Anti-Money Laundering and Counter-Terrorism Financing Act 2006

Part 2--Contingent amendments

Proceeds of Crime Act 2002

Schedule 7--Definition of bearer negotiable instrument

Anti-Money Laundering and Counter-Terrorism Financing Act 2006

Schedule 8--Transfers of value and international value transfer services

Part 1--Transfers of value

Anti-Money Laundering and Counter-Terrorism Financing Act 2006

Part 2--International value transfer services

Anti-Money Laundering and Counter-Terrorism Financing Act 2006

Schedule 9--Powers and definitions

Part 1--Examination power

Anti-Money Laundering and Counter-Terrorism Financing Act 2006

Part 2--Information gathering power

Division 1--Main amendments

Anti-Money Laundering and Counter-Terrorism Financing Act 2006

Division 2--Consequential amendments

Freedom of Information Act 1982

Part 3--Definitions

Anti-Money Laundering and Counter-Terrorism Financing Act 2006

Part 4--Contingent amendment

Anti-Money Laundering and Counter-Terrorism Financing Act 2006

Schedule 10--Exemptions

Anti-Money Laundering and Counter-Terrorism Financing Act 2006

Schedule 11--Repeal of the Financial Transaction Reports Act 1988

Part 1--Repeals

Financial Transaction Reports Act 1988

Part 2--Consequential amendments

Division 1--Amendment of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006

Anti-Money Laundering and Counter-Terrorism Financing Act 2006

Division 2--Amendments of other Acts

Australian Securities and Investments Commission Act 2001

Commonwealth Electoral Act 1918

Criminal Code Act 1995

Freedom of Information Act 1982

Proceeds of Crime Act 2002

Surveillance Devices Act 2004

Part 3--Transitional provisions

Schedule 12--Transitional rules

Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024

No. 110, 2024

An Act to amend the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 and repeal the Financial Transaction Reports Act 1988, and for related purposes

[Assented to 10 December 2024]

The Parliament of Australia enacts: