10th Dec 2020, 10:53 AM – Senate Anti-Money Laundering and Counter-Terrorism Financing and Other Legislation Amendment Bill 2019 - in Committee - Add professions as designated services

The majority voted against an amendment introduced by Tasmanian Senator Nick McKim (Greens), who explained that:

If it were successful ... [this amendment] would require the minister, by 1 July next year, to introduce into this parliament a bill for an act to include the following professions as designated services: lawyers, conveyancers, accountants, high-value dealers, real estate agents, and trust and company service providers.

Amendment text

(1) Schedule 1, page 58 (after line 22), at the end of the Schedule, add:

Part 8—Designated services

Anti-Money Laundering and Counter-Terrorism Financing Act 2006

128 After section 249

Insert:

249A Legislation to expand designated services

(1) The Minister must, by 1 July 2021, cause to be introduced into the Parliament a Bill for an Act to include the provision of designated services by the following professions in order to address the risk of money laundering and terrorism financing:

(a) lawyers;

(b) conveyancers;

(c) accountants;

(d) high-value dealers;

(e) real estate agents;

(f) trust and company service providers.

What does this bill do?

Read more about the bill in the bills digest.