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 Williams, CTA (Life) is a Strategic Adviser in relation to taxation matters operating principally in Sydney. He has been involved in taxation, death duty and estate planning matters for over 45 years, the last 15 as a sole practitioner and prior to that as a partner at an international law firm. He drafted his first will in 1968 and his most recent last week with quite a few in between. During that time he has written and presented extensively on a wide range of subject matter. David was the President of The Tax Institute in 2010. - Current at 19 September 2018

More by David J WILLIAMS

• President's report: The last one - 01-December-2010
• Privacy and confidentiality - The rights of taxpayers and their advisors paper - 25-November-2010
• President's report: Taxation Institute update - 01-November-2010
• Tax consequences of exploiting intellectual property (either acquired or created) - Treatment of proceeds paper - 12-October-2010
• President's report: The critical issues involved in succession planning - 01-October-2010
• President's report: Taxation Institute update - 01-September-2010
• President's report: The passing of a member - 01-August-2010
• President's report: A busy time of year - 01-July-2010
• President's report: Issues affecting the Taxation Institute - 01-June-2010
• President's report: A time of great change - 01-May-2010
• President's report: A time of great change - 01-April-2010
• President's report: Taxation Institute update - 01-March-2010
• Employee share & option arrangements - Where are we now paper? - 09-February-2010
• President's report: A new year at the Taxation Institute - 01-February-2010
• AMLCTF – An acronym or a possible jail sentence paper? - 13-March-2009
• The taxation treatment of proceeds from the exploitation of intellectual property paper - 20-February-2008
• Ewe could go to gaol too - 01-June-2007
• Applications to the AAT for review of an objection decision paper - 25-May-2007
• Promoter Penalties Part 3 – The Second Prohibition - 01-June-2006
• Promoter Penalties Part 2 – The exceptions and sanctions - 01-May-2006
• Promoter penalties - don't be fooled you may be at risk paper - 04-April-2006
• Promoter Penalties Part I - The first prohibition - 01-April-2006
• What happens if I get it badly wrong? Am I just down in the dumps or also down in the docks? seminar paper - 06-November-2004
• Documentation - Preparation, Enforceability, Retention and Protection paper - 30-January-2003
• Corporate and non commercial tax losses - 14-March-2002
• A Background to the New Consolidation Regime - How did we end up here? - 15-February-2001
• Scrip for Scrip - 20-July-2000
• Taxation of dividends - 11-November-1999
• The investigation powers possessed by the ATO - 16-April-1997
• Commentary - 01-April-1997
• FBT and PAYE - 14-February-1996

Click here to expand/collapse more articles by David J WILLIAMS.