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- Anti-money laundering and counter-terrorism financing legislation
What is money laundering and what is terrorism financing
The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 Cth) (AML/CTF Act) is part of a comprehensive legislative package designed to bring Australia into line with international best practice to deter money laundering and terrorism financing. This guidance note provides an introduction to the AML/CTF Act, and an explanation of the roles of AUSTRAC and the Attorney-General’s Department in AML/CTF.
This guidance note explains what is money laundering and what is terrorism financing. It explains selected key definitions that are relevant to legal practitioners, and provides examples to aid legal practitioners’ understanding of AML/CTF terminology. This guidance note also covers some key concepts that legal practitioners are likely to come across, including what is the money laundering cycle, and what is the difference between money laundering and terrorism financing.
See What is money laundering and what is terrorism financing?
