Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024 (110 of 2024)

Schedule 1   AML/CTF programs and business groups

Anti-Money Laundering and Counter-Terrorism Financing Act 2006

49   Section 234

After:

• In proceedings for a contravention of this Act or the regulations, it is a defence if the defendant proves that the defendant took reasonable precautions, and exercised due diligence, to avoid the contravention.

insert:

• There is a defence to a contravention of certain civil penalty provisions relating to the law of a foreign country preventing compliance.

• Provision is made in relation to how this Act applies to reporting groups.