The legislation for the anti-money laundering and counter-terrorism financing amendments must be finalised as soon as possible to ensure sufficient time for implementation, CA ANZ has told the government.
Speaking in a recent Senate committee hearing, CA ANZ business reform leader Karen McWilliams said the accounting body would like to see the rules finalised by very early next year.
McWilliams warned that if the finalisation of the expanded regime drags well into next year, this would restrict implementation time and limit the guidance and support provided to accounting professionals.
“The guidance and all that other support and education cannot be properly developed until we actually have the rules in place,” she said.
“That’s going to be a really key piece for us, [the ability] to be able to talk to our members and say ‘this is what the existing obligations are and this is how they relate to the AML requirements, and these are the kind of extra things that you need to do’.
“We will only have that clarity once the rules are finalised.”
McWilliams said while the accounting profession can make reasonable predictions about the fundamental requirements of the reforms, there may be nuances concerning how existing professional and ethical obligations of members are recognised in the drafting of the laws.
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