Anti-money laundering regulator interprets its legislated powers by lindahy

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Anti-money laundering regulator interprets its legislated powers

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									Anti-money laundering regulator interprets its legislated
powers to serve notices
29 September 2009

AUSTRAC has today added to its Public Legal Interpretation (PLI) series by releasing its
views on the agency's powers to serve notices to its regulated entities.

AUSTRAC's Chief Executive Officer, John Schmidt, said the purpose of the PLI series is to
address and interpret some of the key issues arising from the Anti-Money Laundering and
Counter-Terrorism Financing Act 2006 (AML/CTF Act) and the Financial Transaction
Reports Act 1988 (FTR Act).

'This PLI deals with one such key issue as it is relevant to all entities with obligations under
Australia's anti-money laundering and counter-terrorism financing laws', Mr Schmidt said.

PLI No. 12 provides an interpretation of the grounds on which AUSTRAC has powers to
serve notices to reporting entities under the AML/CTF Act, and to cash dealers under the
FTR Act. It also covers how a notice may be served, what information a notice must include,
and the implications of breaching a notice.

'The PLI series, along with other key AUSTRAC publications and resources, continue to help
our regulated population to understand and comply with their obligations under these laws',
Mr Schmidt said.

The Public Legal Interpretations series is available from the AUSTRAC website
(http://www.austrac.gov.au/pli.html) or by contacting the AUSTRAC Help Desk on 1300 021
037 or via email on help_desk@austrac.gov.au.



About AUSTRAC:
The Australian Transaction Reports and Analysis Centre (AUSTRAC), in fighting global
crime, assists in protecting the integrity of the Australian financial system. AUSTRAC is a
world-renowned and respected financial intelligence unit and is Australia's anti-money
laundering and counter-terrorism financing regulator.

Media enquiries:
Ismene Kongos
Telephone: +61 3 8636 0577
Email: Ismene.Kongos@austrac.gov.au

								
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