AMLCTF – An acronym or a possible jail sentence presentation?

Published on 13 Mar 09 by NATIONAL DIVISION, THE TAX INSTITUTE

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 presentation covers the:

• gateway – what are designated services?
• obligations: client identification; adoption of an appropriate system by the professional adviser; ongoing client due diligence; ongoing record keeping; and reporting obligations
• sanctions
• 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 17 October 2017

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