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AMLCTF – An acronym or a possible jail sentence paper?


The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 has already had a significant impact on financial institutions, requiring significant changes to procedures and software systems. The second tranche of designated services will affect everyday services provided by accountants, lawyers and other professional advisers and as a result draw them into the operation of the Act. Complying with the obligations relating to the provision of designated services will result in significant additional obligations which need to be addressed early to minimise the impact. This paper covers:

  • the gateway – what are designated services?
  • the obligations: client identification; adoption of an appropriate system by the professional adviser; ongoing client due diligence; ongoing record keeping; and reporting obligations
  • the sanctions
  • the practical impact on your practice.

Author profile

David Williams CTA-Life
David is a Strategic Adviser in relation to taxation matters operating principally in Sydney. He has been involved in taxation matters for over 35 years, the last 10 as a sole practitioner, and has been writing and presenting on the subject of tax fraud and tax offences since the 1980s with a more recent focus on lessons coming from Operation Wickenby and related investigations, and is the author of Investigations by Administrative Agencies. David was the President of The Tax Institute in 2010. - Current at 18 September 2013
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This was presented at 24th National Convention 2009 .

Get a 20% discount when you buy all the items from this event.

Individual sessions

Justice Hill Memorial Lecture - Statutory interpretation

Author(s):  Murray GLEESON

Materials from this session:

The new R&D tax concession

Author(s):  David GELB,  Paul VAN BERGEN

Materials from this session:

Transfer Pricing: Applying the arm’s length principle in a world without comparables

Author(s):  Marc SIMPSON

Materials from this session:

Long live the goose - Recent cases dealing with tax concession charities

Author(s):  Jennifer BATROUNEY

Materials from this session:

Further details about this event:


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