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 Act remains unchanged from the version of the Bill reported back to the House by the Foreign Affairs, Defence and Trade Select Committee in September 2009.
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 2009).
- 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.
Actions?
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 shelf'.
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:
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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 particular circumstances.
