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Australia moves – incrementally – towards AML/CTF compliance

Australia has implemented “Phase 1.5” in its anti-money laundering and counter-terrorism reforms.  However, Australia’s long-awaited and much-debated “second tranche” of reforms remains out of grasp.
More than a year after it was first introduced into Parliament, the Anti-Money Laundering and Counter-Terrorism Financing and Other Legislation Amendment Act 2020 (Cth) (Amendment Act) was passed by both Houses of Parliament on 10 December 2020 without amendment, and received royal assent on 17 December 2020.