The Anti-money Laundering and Countering Financing of
Terrorism Bill 2009 is now an Act of Parliament, having gained
royal assent on 16 October 2009. The Actremains
unchanged from the version of the Bill reported back to the House
by the Foreign Affairs, Defence and Trade Select Committee in
What now ?
Section 2 of the Act sets out the following commencement dates
for various parts of the Act:
Technical sections (such as purpose, definitions and
institutional arrangement) came into force on enactment (16 October
Sections relating to cross-border transportation of cash come
into force on 16 October 2010.
The other parts of the Act are to come into force on dates to
be appointed by the Governor-General by Order in Council.
Regulations and codes of practice will also be made/issued in
due course. These will contain the prescriptive requirements that
must be met in order to comply with the Act.
There is likely to be at least a two year transition period
before the Act is fully in force.
Reporting entities should familiarise themselves with the
requirements of the Act and begin assessing the impact of the
requirements on their business. In many instances extensive changes
will be required in order to bring businesses into compliance. It
is therefore vital that reporting entities take a pro-active
approach to compliance and do not simply put it on a 'back
How can we help?
We are happy to advise on compliance requirements and to answer
any questions you may have on the Act.
Please follow these links to view the Act and our previous
articles on anti-money laundering:
DLA Phillips Fox is one of the largest legal firms in
Australasia and a member of DLA Piper Group, an alliance of
independent legal practices. It is a separate and distinct legal
entity. For more information visit
This publication is intended as a first point of reference and
should not be relied on as a substitute for professional advice.
Specialist legal advice should always be sought in relation to any
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