A new anti-money laundering and counter-terrorism financing (AML/CTF) regime is being implemented by the Government to ensure that Australia meets its international obligations as a member of the Financial Action Task Force, the global standard setter for the prevention of money laundering and terrorism financing.

AML/CTF legislation is being introduced in Australia in two stages. The first tranche is set out in the AML/CTF Act 2006 and relates to the financial services, gaming and bullion industries. The second tranche will impose obligations on accountants, lawyers, real estate agents and jewellers.

It is likely that when the second tranche of legislation is introduced it will impose an obligation on accountants who provide certain designated services, similar to the obligation in the first tranche of legislation, to report any suspicious matters. Specifically, only suspicions that information relating to the provision of the designated service may be relevant to the investigation of, or prosecution of, a person for an offence against a law of the Commonwealth, State or Territory. Where that information relates to a matter which contravenes the Commonwealth Criminal Code, as in the case of bribery of a foreign public official, there would be an obligation on the accountant to report the matter to the regulator.