House of Representatives

Explanatory Memorandum

(Circulated by authority of the Minister for Justice and Customs, Senator the Honourable Chris Ellison)

General Outline

The Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2007 (the Bill) makes technical amendments to the legislation affected by the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act). The Bill addresses technical issues, as well as taking into account concerns raised by Reports of the Standing Committee on Legal and Constitutional Affairs and the Senate Standing Committee for the Scrutiny of Bills.

The Bill makes technical amendments to the following legislation:

Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act);

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Anti-Money Laundering and Counter-Terrorism Financing (Transitional Provisions and Consequential Amendments) Act 2006 (AML/CTF Consequentials Act);

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Administrative Decisions (Judicial Review) Act 1977 (AD(JR) Act);

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Commonwealth Electoral Act 1918 (Electoral Act);

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Financial Transaction Reports Act 1988 (FTR Act);

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Inspector-General of Intelligence and Security Act 1986 (IGIS Act); and

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Surveillance Devices Act 2004 (Surveillance Devices Act).

Financial Impact Statement

There are no anticipated financial impacts from these amendments.