Anti Money Laundering - IPA Submission
Anti-money laundering - IPA submission
The IPA has lodged a submission with the Commonwealth Attorney-General's Department (AGD) on the proposed list of services covered by Tranche 2 of the Anti-Money Laundering and Counter-Terrorism Act 2006 (AML Act). The descriptions of those services are very widely drafted and include a number of services routinely carried out by professional advisers.
There is potential for the AML Act to impose significant obligations on insolvency practitioners and expose them to penalties for any breach of those obligations.
AGD is considering all submissions and has advised there will be further consultation during the development of the second tranche of reforms.