SMSF Association Submission – Attorney-Generals Department Reforming Australia’s anti-money laundering and counter terrorism financing regime Consultation Paper

The SMSF Association welcomes the opportunity to provide this submission in response to the Government’s proposed reforms to Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) regime, being led by the Attorney-General’s Department (the department).

The SMSF Association strongly supports the need for Australia to have in place a robust 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 also support the inclusion of relevant designated services provided by tranche two entities, and the proposed broader reforms to simplify, clarify and modernise Australia’s AML/CTF regime.