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By mid-2017, the Government aims to pass the Anti-Money Laundering and Countering Funding of Terrorism Amendment Bill (AML/CFT), which will implement Tranche 2 of the Anti-Money Laundering and Countering Fnancing of Terrorism law.
Tranche 2 of AML/CFT will bring major changes to the legal, accounting and real estate sectors. Lawyers, conveyancers, accountants, real estate agents and dealers in high value goods will be progressively subject to the new legislation, with a proposed transistion ranging from 6 to 24 months.
The proposed reforms aim to put in place practical measures to protect businesses and make it harder for criminals to profit from and fund illegal activity. To achieve this, reporting entities such as law firms and accountants must conduct risk assessments, customer due diligence and reporting of suspicious transactions to authorities. Given the aggressive transition timetable the government has set for the reforms, businesses need to plan early in order to comply when the new law comes in to force.
Join Thomson Reuters and international and local AML/CFT experts for the one day conference. In it, you will understand what the reforms mean for your business, your liability and responsibility, and the steps you need to take to comply.