Supplementary Explanatory Memorandum
(Circulated by authority of the Minister for Justice, the Hon Michael Keenan MP)Amendments to the Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2017
(Government)
General Outline
1. The purpose of these amendments to the Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2017 ('the Bill') is to clarify the definition of stored value card (SVC) in the Bill and the treatment of certain betting products under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act).
2. The amendments would implement recommendations made by the Senate Legal and Constitutional Affairs Legislation Committee in their report on the provisions of the Bill, in particular in relation to the definition of SVC.
3. The amendments will:
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- create a new definition of 'betting instrument' in the AML/CTF Act
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- ensure that exchanging money or digital currency for betting instruments, or vice versa, are designated services for the purposes of the AML/CTF Act, and
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- clarify that betting instruments are not SVCs for the purposes of the amended definition set out in the Bill.
Financial Impact
4. The amendments to the Bill will be implemented within existing resources.