House of Representatives

Supplementary Explanatory Memorandum

(Circulated by authority of the Minister for Justice, the Hon Michael Keenan MP)

Statement of Compatibility with Human Rights

Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2017

5. The amendments to the Bill are compatible with the human rights and freedoms recognised or declared in the international instruments listed in section 3 of the Human Rights (Parliamentary Scrutiny) Act 2011.

Overview of the Bill

6. The amendments to the Bill will:

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create a new definition of 'betting instrument' in the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (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 'stored value cards' for the purposes of the amended definition set out in the Bill.

Human rights implications

7. The amendments to the Bill do not engage any of the applicable rights or freedoms.

Conclusion

8. The amendments to the Bill do not engage any of the applicable rights or freedoms.