Update

The AML/CTF Act

Most practitioners are not aware that the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) ("the AML/CTF Act") ropes in all Australian lawyers and all Australian notaries with effect from December 2008.

The AML/CTF Act places substantial compliance burdens on every one of us, in relation to our day-to-day procedures and also in relation to compulsory annual reporting to AUSTRAC.

The New Zealand Ministry of Justice has published discussion documents providing detailed outlines of proposals to implement the AML/CTF measures in New Zealand.

No time frame for the implementation of legislation has been fixed, but there is little doubt that ultimately New Zealand will have its own AML/CTF Act which will mirror much of the Australian scheme.

The College is therefore embarking upon a special "members only" project

• to assess the impact of the AML/CTF Act; and
• to prepare templates for
  • mandatory risk assessment procedures
  • mandatory compliance; and
  • mandatory annual reporting

in relation to notarial practice and notaries personally.

This is an extremely important project, the results of which will be of major and continuing benefit to all College members.