What does CTF stand for?

Part G details the Government's acceptance of the ALRC recommendations to introduce comprehensive credit reporting in Australia, including acceptance of the ALRC's recommendation that the use and disclosure of credit reporting information for electronic identity verification to satisfy obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) (AML/CTF Act) should be authorised expressly under the AML/CTF Act.

Over the last five years, to prevent criminals from laundering the proceeds of their crimes and terrorists from getting access to funds, US and European governments have continuously evolved their anti-money laundering and counter-terrorism financing regulations to place more accountability on banks, insurance companies and wealth management firms.

government lacks an integrated strategy to coordinate the delivery of counter-terrorism financing training and technical assistance to countries vulnerable to terrorist financing.

From 12 December 2008, reporting entities regulated by the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) must report significant cash transactions, suspicious matters and international funds transfers to AUSTRAC.

The "ongoing customer due diligence" component of the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) regime commences on 12 December 2008.

Transitional legislation The Transition Bill proposes transitional arrangements for entities that are cash dealers under the Financial Transactions Reports Act 1988 (FTR Act) and reporting entities under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act).

On 19 September 2008, AUSTRAC released a reporting implementation policy to assist reporting entities with new reporting obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act).

The implementation of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (the AML Act), which applies to financial services, gambling services and the buying and selling of bullion, has been phased in over a period of two years.