- Advocacy
SMSF Association Submission
The SMSF Association welcomes the opportunity to provide this submission to the Legal and Constitutional Affairs Legislation Committee inquiry into the Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024 [Provisions].
The SMSF Association believes that it is essential that Australia has in place a robust anti-money
laundering and counter-terrorism financing (AML/CTF) regime to effectively deter, detect and
disrupt money laundering and terrorism financing, and ensure that Australia meets the international standards set by the Financial Action Task Force (FATF). We therefore support the Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024 [Provisions], including its
approach to implement the regulation of tranche 2 by designated services, rather than specific professions or sectors. We believe this approach will further support the effectiveness of the regime, ensuring individuals cannot avoid their legislative obligations.