In October 2016, the Law Society was informed by the Law Council of Australia that the Federal Government had embarked on a major project in relation to all aspects of Anti-Money Laundering (AML)/Counter-Terrorism Financing (CTF) regulation. One part of that project involves the very real possibility of the application of the full AML/CTF regime to the legal profession.
Since October, the Law Council has been seeking comments from its constituent bodies in preparing a number of draft consultation papers.
A formal submission has now been sent to the Attorney General’s Department on the proposed regulation of legal practitioners under the AML/CTF regime.
The Law Society is committed to keeping members informed on the implications of any regulatory changes and CPD seminars will be arranged once the extent to which the Federal Government is going to impose the AML/CTF regime is known.