What is Anti-Money Laundering and Counter-Terrorism Financing Legislation?
The Australia Government has implemented anti-money-laundering and counter-terrorism financing (AML/CTF) laws via Anti-money and Laundering and Counter Terrorism Financing Act 2006 (C’wlth.) to meet international standards and to help protect businesses from being misused for money laundering and terrorism financing. The Public Trustee is required to comply with the AML/CTF laws which require The Public Trustee, amongst other requirements, to verify the identity of investors making applications into the Public Trustee of Queensland Investment Funds. Why have the laws been introduced? The Australian Government introduced anti-money laundering and counter-terrorism financing (AML/CTF) laws to: • bring Australia’s AML/CTF system into line with international standards • reduce the risk of Australian businesses being misused for the purposes of money laundering or terrorism financing, and • meet the needs of law enforcement agencies for targeted information about activity which may be linke
